Survey says: revenue decline trending in the NWT

(Photo courtesy of Pexels by Lukas)

New data shows a significant decrease in revenue, across the board for businesses in the NWT.

The Government of the Northwest Territories has released a set of surveyed data to better understand the economic effects and recovery plan for COVID-19 in the territory.

More than 80 per cent of businesses reported a dip in revenue. Tourism businesses and transportation taking the biggest hit, with a combined average revenue loss of 71 per cent.

As forecasted by the Conference Board of Canada, the economy of the NWT is expecting to take a 3.3 per cent hit this year, compared to the national average of 8.2 per cent.

“These surveys will help inform our joint planning and our continuing efforts to support and sustain the NWT economy and businesses,” says Katrina Nokleby, minister of Industry, Tourism and Investment.

The government claims that due to the efforts of keeping two diamond mines and the public sector active, the economy wasn’t impacted as badly as it could have been.

About the Author

Mariah Caruso
Mariah Caruso is a digital journalist, originally from Toronto, Canada. She graduated from the University of Toronto with a Hons. Bachelor of Arts and completed her Journalism post-grad at Sheridan College. She has an insatiable appetite for life, storytelling, connecting to the people, and getting to the heart of the issue. Mariah is excited to begin her journey and career in Yellowknife, NWT, and get involved with the community. If you have a story idea, feel free to send her an email at mariah.caruso@cklbradio.com