Doug Ashbury
Northern News Services

Yellowknife (Dec 20/99) - The value of goods and services produced in the Northwest Territories and Nunavut in 1998 is down slightly, according to the latest Statistics Canada figures released by the NWT Bureau of Statistics.

Last year, the North's gross domestic product -- measured in current dollars -- was $2.53 billion, compared to $2.56 billion a year earlier. That's a drop of 1.3 per cent. In 1998 and prior years, the two territory's GDP figures have been combined. Statistics Canada is expected to release separate GDP figures for 1999.

As for the 1.3 per cent decline, only Alberta's GDP was worse. That province's economy shrunk by 1.4 per cent.

In the Yukon, GDP was down .7 per cent at just over $1 billion.

Nationally, GDP rose 2.5 per cent in 1998 compared to 1997.

The statistics bureau said despite the fact that the North's economy shrunk in value, the amount of goods produced rose 1.6 per cent. The North generated more that was worth less. This stems from lower commodity prices, the bureau said.

Also noteworthy is a huge decline in corporate profits before taxes.

In 1998, the North's corporations made $185 million before taxes, down 36 per cent from the $290 million they made in 1997.