Saskatchewan’s mid-year report shows economic resilience amid agricultural challenges

Saskatchewan’s 2024-25 Mid-Year Report reveals a complex economic landscape, with the province projecting a $743.5 million deficit – an increase of $470.4 million from the initial budget. While the economy maintains its strength, evidenced by being the second-fastest growing economy in Canada in 2023, agricultural challenges have significantly impacted the financial outlook. Severe summer drought conditions mainly affected canola yields, leading to a 25.1% increase in agricultural expenses through crop insurance claims. Despite these challenges, Saskatchewan maintains the second-best net debt-to-GDP ratio among all provinces at 13.9%, demonstrating underlying economic resilience.