Yukon Economic Outlook

Strong growth Resource extraction activities continue to be a significant forecasts for the U. S. are related to the assumption of contributor to Canada’s economy, and the performance of • Global Growth: 3.4% (2017) and 3.6% fiscal stimulus in the form of reduced taxes and increased commodity prices will have a significant impact on growth (2018). [...] At Much of recent performance is related to weaker the time of writing, the World Bank was calling for oil prices commodity prices, particularly the price of oil, which has to average US$55 per barrel in 2017, up from US$42.80 in declined significantly in the last 18-20 months as a result of 2016.6 While expected to remain well below recent record oversupply in the global market, falling below $30 [...] Serving as Yukon’s primary For 2019, further development spending on the Eagle Gold goods and services hub, population gains in Whitehorse project, the start of development spending on the Coffee have accounted for the majority of Yukon’s recent project and the start of Eagle Gold mine production are the population gains. [...] Contributing to the increase in non-residential permits Following a 9.7% contraction in 2015, the value of building in 2016 was strong growth in the value of government/ permits in 2016 are reported as growing 45.1% to almost institutional permits, up 68.9% to $91.0 million. [...] Higher production from the Minto mine was a key driver of growth in 2016, and Government – this economic forecast incorporates the expectations of lower annual production in 2017 and 2018 government’s planned spending as outlined in the 2017/18 explain much of the expected weakness in GDP during Budget.