NWT’s final 2023 GDP is a tale of two sectors – Cabin Radio

November 12, 2024

The Northwest Territories’ final GDP figures for 2023, made public last week, show the territory’s economy contracted by 0.4 percent that year.

The figures are an update on initial estimates released by Statistics Canada in May. At the time, the federal agency estimated a 0.1-percent decrease in the NWT’s GDP.

GDP, or gross domestic product, measures the size and growth of the economy in each region of the country. It counts the market value of all goods and services produced within each region during a specific year.

The final figures for 2023 show Nunavut had the strongest growth in Canada at more than three percent. Most provinces posted somewhere between one-percent and three-percent growth.