Saskatchewan - Economy

Economy

Historically, Saskatchewan's economy was primarily associated with agriculture. However, increasing diversification has resulted in agriculture, forestry, fishing, and hunting only making up 6.8% of the province's GDP. Saskatchewan grows a large portion of Canada's grain. Wheat is the most familiar crop and the one most often associated with the province (there are sheafs of wheat depicted on the coat of arms of Saskatchewan), but other grains like canola, flax, rye, oats, peas, lentils, canary seed, and barley are also produced. Beef cattle production in the province is only exceeded by Alberta. Mining is also a major industry in the province, with Saskatchewan being the world's largest exporter of potash and uranium. In the northern part of the province, forestry is also a significant industry.

Oil and natural gas production is also a very important part of Saskatchewan's economy, although the oil industry is larger. Among Canadian provinces, only Alberta exceeds Saskatchewan in overall oil production. Heavy crude is extracted in the Lloydminster-Kerrobert-Kindersley areas. Light crude is found in the Kindersley-Swift Current areas as well as the Weyburn-Estevan fields. Natural gas is found almost entirely in the western part of Saskatchewan, from the Primrose Lake area through Lloydminster, Unity, Kindersley, Leader, and around Maple Creek areas.

Saskatchewan's GDP in 2006 was approximately C$45.922 billion, with economic sectors breaking down in the following way:

% Sector
17.1 finance, insurance, real estate, leasing
13.0 mining, petroleum
11.9 education, health, social services
11.7 wholesale and retail trade
9.1 transportation, communications, utilities
7.7 manufacturing
6.8 agriculture, forestry, fishing, hunting
6.5 business services
5.8 government services
5.1 construction
5.3 other

A list of the top 100 companies includes The Potash Corporation of Saskatchewan, Federated Cooperatives Ltd. and IPSCO.

Major Saskatchewan-based Crown corporations are Saskatchewan Government Insurance (SGI), SaskTel, SaskEnergy (the province's main supplier of natural gas), and SaskPower. Bombardier runs the NATO Flying Training Centre at 15 Wing, near Moose Jaw. Bombardier was awarded a long-term contract in the late 1990s for $2.8 billion from the federal government for the purchase of military aircraft and the running of the training facility. SaskPower since 1929 has been the principal supplier of electricity in Saskatchewan, serving more than 451,000 customers and managing $4.5 billion in assets. SaskPower is a major employer in the province with almost 2,500 permanent full-time staff located in 71 communities.

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Famous quotes containing the word economy:

    Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.
    Ralph Waldo Emerson (1803–1882)

    The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.
    Henry David Thoreau (1817–1862)

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    Henry David Thoreau (1817–1862)