Thorunn Howatt
Northern News Services

Yellowknife (Apr 24/02) - Diamonds, oil and gas pushed the territory's gross domestic product (GDP) to more than five times any other of Canada's provinces or territories last year.

This is the second year in a row that the NWT has led Canada in economic growth.

A whopping annual growth was at 20.8 per cent in front of Nunavut at 3.7 per cent and Alberta at 2.9 per cent. The NWT growth spurt followed an 8.8 per cent increase in 2000. StatsCan attributed the increase to activity at Diavik.

Mining, oil and gas extraction GDP increased to $585.4 million in 2001 from $457.2 million in 2000. Those industries accounted for about 23 per cent of the territory's total gross domestic and 32 per cent of the overall increase.

Construction saw that sector's GDP rise to $422.4 in 2001 from $234.6 million in 2000. The construction industry accounted for about 17 per cent of the territory's total GDP and 48 percent of the increase.

Canada's GDP grew by only 1.2 per cent last year. That was down from 4.6 per cent in 2000. Only the NWT, Nova Scotia and the Yukon increased their growth over the previous year. GDP looks at value added in the economy. It measures investments, personal and government expenditures and exports less imports. Mining production increased 28 per cent last year. Exports advanced 14.8 per cent with gains concentrated in diamonds and gold.

The NWT was the only province or territory that experienced labour income growth.