Economic growth will cool considerably in Saskatoon: report

Global News

OTTAWA – A collapse in oil prices will slow down Saskatoon’s economy, according to a recent report from the Conference Board of Canada. The city’s gross domestic product (GDP) growth is forecast to be limited to 1.8 per cent in 2015.

For five of the past six years, Saskatoon has seen GDP growth of more than six per cent.

This slowdown of economic growth will be led by a dramatic cooling in Saskatoon’s resources, agriculture and utilities industry – due to lower oil prices.

READ MORE: Crude oil production down in Saskatchewan but up across the country

“A dramatic reversal of fortune will see long-standing growth leader Saskatoon near the bottom of the pack this year,” said Alan Arcand, associate director with the Centre for Municipal Studies.

“Economic growth should pick up next year but remain modest by historical standards.”

The non-profit organization says that although growth will cool considerably…

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