Mining Boom To Boost Canadian Economy

15 March 2012 07:00am - Victoria Wedderburn

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Mining Boom To Boost Canadian Economy

The Conference Board of Canada’s have released their Territorial Outlook report which has said the economies of the three territories in the North of Canada are predicted to grow by more than 7% in 2012 and 2013. This figure for gross domestic product growth in the Yukon, Northwest Territories and Nunavut significantly surpasses the Canadian average of 2.1% this year. Mining exploration in Nunavut reached C$395.5 million last year which was the most for any territory and the highest level in Canada.

These results point to an Arctic exploration boom with spending hitting C$700 million last year. There are also several large projects that have been proposed for the coming years and planned expansion in production of gold, silver, copper, diamonds, iron ore and new railways, ports and power plants. The report highlighted that mining sector growth benefits the services side of the economy, both directly as companies provide services to mining companies, and indirectly by increasing personal incomes and tax collections.

Marie Christine Bernard, associate director of forecasting and analysis for the Conference Board has said,  “While the global economy is facing challenges that dampen the outlook for many Canadian industries and provinces, demand for metals and non-metals is expected to hold up.” She added, “The immediate concern for mining industry development in Canada’s North is not so much finding a market, but rather finding the skilled workers to lead these projects forward,”

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Related Links:
• The Conference Board of Canada
Territorial Outlook: Winter 2012
• Latest News
For regular news updates
• Economic Calendar
For scheduled economic events

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