Sabina works on its Back River proj-
ect. The territory's gold production is
expected to peak in 2024, after which
the territorial economy will grow at
a more moderate pace. In spite of
anticipated job growth, the territory's
unemployment rate is expected to
remain high, in part because some
mining and construction workers are
filled by southerners.
Northwest Territories
Unlike its neighbours, the Northwest
Territories will have one of the weak-
est economic performance in the
country. Now that the new Gahcho
Kué diamond mine is in commercial
production, diamond production in
the territory has reached its peak
and will decline over the next six
years. Two new metal mines should
help offset some of the losses for the
mining sector, but not until after 2020.
More tepid growth in mining will have
repercussions on other areas of the
economy, with growth in services-
based industries remaining flat for
much of the forecast. In all, economic
growth in the Northwest Territories
is forecast to contract by an average
annual pace of 1.6 per cent between
now and 2025.
Source: Conference Board of Canada
Between now and 2025,
Nunavut’s economy will
grow by an average of 4.6 per
cent per year, higher than any
other territory or province, while
the economy of the Northwest
Territories is forecast to contract
at an average annual pace of
1.6 per cent between now
and 2025.
JANUARY 2019 | BUSINESS ELITE CANADA 11
