Hoping to find good warehouse spaces for rent in The Northwest Territories? See the listings above and discover all the options we have for you.The Northwest Territories (NWT) has a rich, diverse economy consisting of a variety of industries including oil and gas, mining, tourism, and agriculture. These industries, along with the public sector, are all major contributors to the territory's GDP.
In terms of labor, the total number of employees in the NWT was estimated to be around 23,100 in January 2023, with the majority of those employed in the public sector. (https://www.statsnwt.ca/labour-income/labour-force-activity/)
The oil and gas industry accounted for about 10 percent of the total employment, while mining accounted for about 7 percent and tourism for about 3 percent. The rest of the employed population was spread out amongst other industries including agriculture, forestry, and fishing.
The GDP of the NWT was estimated to be around $4 billion in 2020, with the oil and gas industry contributing the most to the overall GDP at around 26 percent. Mining and tourism were estimated to be the next most important contributors to the GDP at around 10 percent each.
In terms of economic trends, the NWT has experienced a slight increase in GDP over the past five years, with a growth rate of around 1.5 percent. This growth is attributed to an increase in exploration and development activities in the oil and gas and mining sectors.
In terms of ranking data, the NWT ranks in the top three of Canada's territories in terms of GDP per capita, with the most recent figures from 2021 showing a GDP per capita of around $108,911. This is higher than the Canadian average of $65,651. (https://www.wikiwand.com/en/List_of_Canadian_provinces_and_territories_by_gross_domestic_product#GDP_and_per_capita_GDP,_2021)
Overall, the NWT has a diverse and robust economy that is driven by a variety of industries. Oil and gas, mining, and tourism are the most important contributors to the GDP, while the public sector provides the majority of employment. The territory has experienced a slight increase in GDP over the past five years, and it ranks high in terms of GDP per capita when compared to other Canadian territories.