Preliminary estimates from Statistics Canada show that the Yukon’s real gross domestic product (GDP) by industry in 2023 was roughly $3.4 billion, an increase of 1.6 per cent from the previous year.
The real GDP increase in 2023 is less than in the two previous years: Real GDP climbed by 5.8 per cent year-on-year in 2022 and 8.4 per cent in 2021.
Real GDP is unlike nominal GDP in that it is inflation-adjusted. In Statistics Canada’s most recent data release, GDP adjustments are made using the value of the Canadian dollar in 2017 as a base.
The Yukon’s real GDP growth rate — 1.6 per cent — was among the highest in the country and 0.4 percentage points above the national GDP growth rate of 1.2 per cent.
Several other Canadian jurisdictions witnessed growth similar to the Yukon, with British Columbia, Alberta, Saskatchewan and Ontario all experiencing 1.6 per cent real GDP growth in 2023.
The highest growth rate in Canada was recorded in Nunavut, which saw a year-on-year real GDP increase of 3.4 per cent. Meanwhile, Newfoundland and Labrador saw real GDP growth fall by 2.5 per cent — the most significant negative growth in the country.
The Yukon’s GDP in services-producing industries increased by $63.3 million — or 2.6 per cent — in 2023 compared to the previous year. The territory’s GDP in goods-producing industries dropped $6.8 million, or 0.8 per cent.
The public administration sector experienced the Yukon’s economy’s most substantial real GDP growth, growing by a dollar value of $13.9 million. The health care and social assistance sector and real estate and rental and leasing sector grew by $10.8 million and $10 million, respectively.
The sector with the most significant dollar value decrease in real GDP in the Yukon was the mining, quarrying and oil and gas extraction sector, which fell by $3.2 million compared to 2022. The sector with the most notable percentage decrease in 2023 was the management of companies and enterprises sector, which fell by 40 per cent year-on-year.
Contact Matthew Bossons at matthew.bossons@yukon-news.com