According to the Conference Board of Canada in its forecast, GDP is predicted to slow down significantly from the 7.9% increase in 2021 to 3.6% for 2022.

On October 26, the Bank of Canada has raised its benchmark interest rate by 50 basis points to 3.75%. After cutting its lending rate to near zero early in the COVID-19 pandemic, the Bank of Canada has raised its benchmark interest rate six times since March in a bid to rein in inflation. 

The average year-to-date rate of change in the all-items Consumer Price Index (inflation) in August 2022 over August 2021 was 6.3%. The largest contributors were food (7.2%), transportation (14.2%), recreation, education and reading (7.8%) and energy (27.1%).

July 2022 year-to-date retail trade was up by 7.1% over the same period in 2021. 

• Sub-sectors that posted increases were: Used car dealers (19.4%), Gasoline stations (37.6%), Electronics and appliance stores (6.6%), Health and personal care stores (2.8%), Clothing and clothing accessories stores (6.0%), Sporting goods, hobby, book, and music stores (7.9%), Grocery stores (11.9%), General merchandise stores (6.1%), and all other (23.5%).
•  Sub-sectors that posted decreases were: New car dealers (-4.6%), Furniture and home furnishings stores (-5.5%), Building material and garden equipment and supplies dealers (-19.0%), Beer, wine and liquor stores (-15.7%).

With on-going supply chain issues and facing higher borrowing costs, July 2022 year-to-date new motor vehicle (units) sales were down -6.5% from July 2021. New minivans, sport-utility vehicles, light and heavy trucks, vans, and buses sales were down -4.4% while new passenger cars sales were also down -23.9%.

July 2022 year-to-date restaurant receipts were up 17.0% over the same period in 2021.

• Within restaurant receipts, all sub-categories posted increases: Special food services (42.6%), Drinking places (alcoholic beverages) (28.0%), Full-service restaurants (23.1%), and Limited-service eating places (10.9%).

July 2022 year-to-date manufacturing sales were up by 30.0% over the same period in 2021.

• Sub-sectors that posted increases were: Food manufacturing sales (17.8%), Machinery manufacturing sales (57.1%), Fabricated metal product manufacturing sales (11.7%), and All other Manufacturing sales (34.6%).

July 2022 year-to-date wholesale trade was up 45.9% over the same period in 2021.

• Sub-sectors that posted increases were: Farm product merchant wholesalers (35.6%), Food, beverage and tobacco merchant wholesalers (11.8%), Agricultural supplies merchant wholesalers (98.3%), Machinery, equipment and supplies merchant wholesalers (1.9%), Building material and supplies merchant wholesalers (8.8%) and all other (2.1%), all posted increases.               

Total International merchandise exports were up 44.3% year-to-date August 2022 over August 2021.

• Sub-sectors that posted increases were: Energy products (75.1%), Metal ores and non-metallic minerals (166.8%), Basic and industrial chemical, plastic, and rubber products (29.6%), Forestry products and building and packaging materials (0.6%), Industrial machinery, equipment and parts (46.5%), Electronic and electrical equipment and parts (22.5%), Motor vehicles and parts (2.7%), Aircraft and other transportation equipment and parts (77.7%), and Special transactions (3.9%). 
• Sub-sectors that posted decreases were: Farm, fishing, and intermediate food products (-8.1%), Metal and non-metallic mineral products (-26.6%), and Consumer goods (-10.9%).

Consistent with strong building permit activity year-to-date September 2022 construction employment was up by 2,656 positions or 6.2% from the same period in 2021.

More consistent with national data, September 2022, Saskatchewan total year-to-date housing starts were down by -62 units or -2.1% over the same period in 2021. 

• Year-to-date increases: apartment and other types (11 units or 0.8%).
• Year-to-date decreases: singles (-38 units or -3.4%), semi-detached (-2 units or -1.4%), and row (-33 units or -8.1%).

Counter to national trends, the average year-to-date Housing Price Index Benchmark Composite Price was up from $15,300 in September 2021 to $327,322 in September 2022 with listings relatively stable and inventories lower than the same time last year.

August 2022 year-to-date building permits were up 39.1% over the same period in 2021. 

• All sub-sectors posted increases: residential (24.8%), industrial (104.9%), commercial (52.5%), and institutional and governmental (30.6%).

September 2022 year-to-date employment in Information, culture and recreation was up 3,044 positions or 17.9% over the same period in 2021.

Third quarter (Q3) 2022 Provincial population was up 1.13% or 13,310 persons over Q3 2021 to 1,194,803. In addition, the provincial population grew by 6,465 people over the second quarter of 2022. This the largest population increase in any quarter period since Statistics Canada started releasing quarterly population counts in 1971. 

Contributing to the annual population growth was a bounce-back in international immigration to 5,398 from 1,773 in the previous year as borders re-opened. Net inter-provincial migration has been negative every quarter since Q2 2013.