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.