Deloitte Canada issued its April 2024 report and Saskatchewan is tied with Alberta in second place in the country, behind Newfoundland Labradour, for provincial real GDP forecast for 2024.

Deloitte Canada says Saskatchewan’s economy is poised for relatively strong performance this year compared to that of the rest of the country. The economic outlook report says there is strong investment in the province driven by sizeable investments in its potash industry and coupled with solid population gains and relatively low household debt burdens. Deloitte forecasts Saskatchewan’s economy to also grow 3.1 per cent next year and 3.6 per cent in 2026.

But it came with a warning. The economic outlook noted that the province’s economy is sensitive to fluctuations in resource production and prices. The possibility of weaker prices in potash, uranium or oil, and the potential for another hot, dry growing season are downside risks to the forecast. The report also said Canada looks set to dodge a recession despite the ongoing downward pressure from higher interest rates.