The GNWT plans to spend roughly $2.4 billion during the next fiscal year, which begins April 1.

In terms of revenue, the territorial government expects to bring in approximately $2.7 billion and when the dollars are all spent, there is a projected operating surplus of $170 million, according to ThursdaySA国际影视传媒檚 territorial budget.

The GNWT has almost exhausted its federally-mandated borrowing limit of $1.8 billion with just $36 million of wiggle room.

Property mill rates and other fees will be adjusted to inflation, the territorial government noted, and the carbon tax rate will rise by $15, making it $95 per tonne of greenhouse gases.

This also marks the third straight year of a declining gross domestic product (GDP) within the territory with the economy projected to shrink by about five per cent in 2025. GDP refers to the total value of goods and services produced within the NWT. For the 2025-26 fiscal year, itSA国际影视传媒檒l be at its lowest point in a decade, according to the GNWT.

In juxtaposition to that comes a growing public sector with around 12,000 people working for the territorial government compared to around 9,000 in the private sector.

Half of the total public sector workers are with the GWNT, according to William MacKay, deputy minister of Finance, adding that the territory has made some targeted investments in private sector businesses to help boost that portion of the economy.

SA国际影视传媒淲e are trying to develop an atmosphere and environment that is friendly to business and allows for business to grow,SA国际影视传媒� he said.

MacKay mentioned the NWTSA国际影视传媒檚 traditional economy is growing as well, pointing to trapping and commercial fisheries rebounding. According to various departments within the GNWT, trapping has been increasing its number of pelts harvested since 2023. As of 2024, the industry harvested about 20,000 pelts. In terms of fur sales, almost $600,000 worth of pelts were sold last year.

Finance Minister Caroline Wawzonek said that the GDP rises and falls in the territory depending primarily on its diamond mines. With Diavik slated to close in 2026, its unlikely the GDP here will make a resurgence next year, but there is hope, and it doesnSA国际影视传媒檛 mean diamond mines are gone forever, she added.

SA国际影视传媒淲e had a frankly, unexpectedly large [mineral and metals] exploration spend in 2023, a lot higher than anticipated,SA国际影视传媒� she noted.

Wawzonek also pointed to the leap the NWT experienced in the Fraser InstituteSA国际影视传媒檚 rankings in mining potential, jumping 19 positions to 24th place in its global investment attractiveness index.

SA国际影视传媒淭hereSA国际影视传媒檚 still quite a lot of hope and this is one of those times where you donSA国际影视传媒檛 let a good crisis go to waste,SA国际影视传媒� she said, adding this could be an opportunity where critical minerals in the NWT get more play than they have had in the past.

And as for whether the territorial government is bloated in terms of its public service workers, Wawzonek pushed back on that idea.

She explained that the reversal, where more people started working for the government than private industry, happened during the start of the Covid-19 pandemic, when healthcare-sector workers, in particular, realized growth in numbers.

That boost still hasnSA国际影视传媒檛 diminished, she added.

SA国际影视传媒淚t is a challenge to manage in that we are a territory of 33 communities, spread over a large distance, and not a lot of economies of scale to offer services and programs that are at the same level as a province down south,SA国际影视传媒� said Wawzonek.

She also mentioned growth within Indigenous governments as a chance for those governments to mature.

SA国际影视传媒淭here are opportunities that are very positive for having a robust public sector,SA国际影视传媒� said Wawzonek. SA国际影视传媒淭hereSA国际影视传媒檚 also the simple reality of pick which crisis over the last five years SA国际影视传媒� public services are often called upon to manage those emergencies and manage those crises and provide some stability in the communities during those times.SA国际影视传媒�

The solution to reinflating the GDP in the NWT is to get investment from the private sector, said Kelly Bluck, fiscal policy director with the Department of Finance.

SA国际影视传媒淲e provide the environment for the private sector to come or not to come,SA国际影视传媒� she said.

Bluck used the example of adding critical infrastructure, such as the Mackenzie Valley Highway, as a key incentive in bringing in private businesses to invest in the NWT.

SA国际影视传媒淎ll we as a government can do is give you the playing field for those economic opportunities,SA国际影视传媒� said Bluck. SA国际影视传媒淲e canSA国际影视传媒檛 force you to come and we certainly canSA国际影视传媒檛 get you to come if the commodity prices arenSA国际影视传媒檛 there.SA国际影视传媒�

The budgetSA国际影视传媒檚 contents didnSA国际影视传媒檛 come as much of a surprise to Adrian Bell, president of the Yellowknife Chamber of Commerce.

He pointed out that the private sector matters to an economy because those businesses are essential for delivering jobs. He added that the territory is fortunate for its larger sectors, like government and mining jobs, considering the number of positions they provide.

But any overdependence on one or two sectors can be dangerous, he said.

SA国际影视传媒淭he minute you have a downturn, things become unstable,SA国际影视传媒� he said.

Bell said strengthening other sectors, like small business, would help underpin the territorySA国际影视传媒檚 entire economy.

But the NWT is lucky to have jobs, regardless of where theySA国际影视传媒檙e coming from, he acknowledged.

SA国际影视传媒淥ur economy in Yellowknife and the NWT would not run without those strong public sector employments,SA国际影视传媒� he said.