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:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)