Saskatchewan posted real gross domestic product of $80.5 billion in 2024, up 3.4 per cent from the year before and more than double the national pace. The jump pushed the province to second place on the Canadian growth table and set a fresh record for output.
“Saskatchewan continues to see record growth within our provincial economy,” Trade and Export Development Minister Warren Kaeding said, crediting exports of food and energy for the surge.
Private capital spending also rose 17.3 per cent last year, according to the same release, signalling that business leaders see more room to run. With population and employment both trending higher, the Prairie province is again being flagged as a potential engine for Canada’s wider economy.
Resource gains drive fresh momentum
Potash, uranium and heavy oil remain the backbone, yet construction is now the fastest-growing industry after a 13 per cent leap in 2024. Crews are pouring concrete at BHP’s C$10.6 billion Jansen potash mine and at a string of solar and wind farms, keeping skilled trades in tight supply. New farm machinery sales, bolstered by stronger grain yields, point to another busy harvest.
Against that backdrop, RBC Economics says “Saskatchewan’s economic growth is poised to accelerate,” lifting its 2025 real-GDP forecast to 1.9 per cent. The bank cites a rebound in fertilizer prices and lower interest rates as tailwinds that could keep the province ahead of the Canadian average for a fourth straight year. Housing starts, already up 83 per cent in the year to April, show that new workers are putting down roots rather than flying in and out.
Risks, yet outlook still upbeat
Trade remains the wild card. Provincial budget documents warn that proposed U.S. tariffs on agri-food and energy could knock several points off growth if they stick. Drought risk is another concern after a light snowpack in the south, while any spike in borrowing costs would test household finances that are healthier than in larger provinces but still stretched.
Even so, unemployment sat at 4.2 per cent in May, the lowest in Canada, and retail spending continues to edge higher. A weaker Canadian dollar is cushioning exporters and attracting visitors, adding a services kicker to the goods-heavy economy. If commodity prices hold and global demand steadies, Saskatchewan looks set to pull more than its Prairie weight in the national numbers.
