The NWT's Gross Domestic Product (GDP) dropped from 2022 to 2023, while all but one other Canadian jurisdiction experienced increases.

The territory's GDP fell by 0.4 per cent year-over-year, according to a new report from Statistics Canada. Newfoundland and Labrador was the only other province or territory to see a drop in GDP, but unlike the NWT, its rate had decreased the previous year as well. 

In a news release, the NWT's Department of Statistics contended that "the NWTSA¹ú¼ÊÓ°ÊÓ´«Ã½™s economy is driven by a few goods-producing industries whose GDP may rise or fall over the short to medium term." 

The release also noted that the pandemic disrupted some industries, and that recovery has taken some time. 

In terms of specific industries within the territory, the GDP for the mining, oil and gas extraction sector fell by 33.5 per cent through 2023, while the diamond mining sector experienced a much smaller decrease of 2.1 per cent. The GDP for transportation and warehousing fell by 4.1 per cent, due in part to "a decline in pipeline transportation due to lower oil and gas extraction," the release stated. "Other industries such as educational services and management of companies and enterprises also declined between 2022 and 2023," it added.

Educational services fell by less than a percentage point, while management of companies and enterprises plummeted 38.1 per cent SA¹ú¼ÊÓ°ÊÓ´«Ã½” the largest drop of any sector. 

However, some industries experienced increases in terms of GDP. The rate increase by 3.5 per cent for health care and social assistance, 5.3 per cent for wholesale trade, and 12.5 per cent for accommodations and food services SA¹ú¼ÊÓ°ÊÓ´«Ã½” "one of the hardest-hit sectors of the pandemic," per the release. The construction sector experienced a 7 per cent increase. The fields of public administration, retail trade, and real estate, rental and leasing also experienced small increases.