|
Getting your Trinity Audio player ready...
|
For the first time in nearly a decade, every part of Canada saw economic expansion last year. We now have the updated 2017 numbers, including revisions in the previous years.
What we learned from that is the recessionary period following the drop in oil prices was deeper than originally thought and that meant the economic rebound in the subsequent 30 months was better than originally expected.
Virtually every province had a downward revision in its 2015 and 2016 performance, according to StatsCan. However, that created a lower floor that allowed for bigger expansion since.
In Saskatchewan, 2017 produced economic growth of 2.2 per cent. That was among the lower tier of the provinces, but was a reversal of the two previous years where we saw economic contraction.
The drivers for the improvement were increased exports and consumer spending as well as rising business investment.
The stronger performance is part of a trend as most economists are predicting a comparable performance this year with added strength next year for our economy.
