Sudbury’s economy is continuing to grow and by next year should be humming along at a better clip than was the case before COVID-19 applied the brakes. That’s the prediction of the Conference Board of Canada, which issued an outlook for the city this week.
“Sudbury’s GDP (gross domestic product) is set to rise by 3.9 per cent this year,” the economic think tank said. “The healthy gain of 2.7 per cent forecast for 2023 will finally lift the city’s economic output beyond pre-pandemic levels.” A key driver, the outlook notes, is the strong market for locally produced metals.
“Demand for nickel to produce batteries for electric cars is good news for Greater Sudbury,” the board said. “Although nickel prices have come down recently, they will likely remain high by historical standards because of the war in Ukraine.”
Workers are in high demand across a variety of sectors and that is expected to continue next year. “The unemployment rate will decline from 7.6 per cent in 2021 to an average of 5.5 per cent this year,” according to the report. “Next year, the rate will tick up slightly to 6 per cent.”
For the rest of this article: news/local-news/sudburys-economy-humming-along-conference-board-of-canada
This article was published by: Stan
Visit the original article here
