Nunavut's Profile
Economic Indicators in 2021
- Gross domestic product (GDP): $4.7 billion
- GDP per capita: $118,000
- Population: 39,700
- International merchandise exports and imports: 61.2% of GDP
Economic Activity by Sector in 2022
- Goods: 50.2% of GDP
- Mining, quarrying, and oil and gas extraction: 40.7% of total GDP
- Construction: 6.4% of total GDP
- Services: 49.8% of GDP
- Public administration: 18.3% of total GDP
- Real estate, and rental and leasing: 7.0% of total GDP
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Anne-Marie Therrien-Tremblay
Research and Education
Publication No. 2023-511-E
31 August 2023
Nunavut's Merchandise Trade
Nunavut's merchandise trade with the world in 2021: $2.9 billion
- Exports: $1.9 billion, a 45.9% increase from 2020
- Imports: $1.0 billion, a 3.8% decrease from 2020
Trade surplus in 2021: $854 million, an increase from $228 million in 2020
Exports in 2021: 0.3% of the total value of Canadian exports, an increase from 0.2% in 2020
Imports in 2021: 0.2% of the total value of Canadian imports, unchanged from 2020
Exports as a percentage of GDP in 2021:
- Nunavut – 39.7%, an increase from 30.2% in 2020
- Canada – 25.2%, an increase from 23.5% in 2020
Imports as a percentage of GDP in 2021:
- Nunavut – 21.5%, a decrease from 24.8% in 2020
- Canada – 26.0%, a decrease from 26.4% in 2020
Exports in 2022:
- Resource-based goods – 99.99%, an increase from 99.98% in 2021
- Manufactured goods – 0.01%, a decrease from 0.02% in 2021
Highest-valued exports in 2022: Gold and iron ore, together accounting for 99.9% of the total value of territorial exports
- Gold: $845.5 million, an increase from $786.2 million in 2021
- Iron ore: $629.7 million, a decrease from $1.0 billion in 2021
Major export destinations, by region, in 2022:
- Europe, at 99.97% of the total value of exports
- United States, at 0.03% of the total value of exports
Major export destinations, by country, in 2022:
- Switzerland, at $845.6 million
- Germany, at $400.2 million
- France, at $106.4 million
Nunavut's Services Trade
Nunavut's services trade with the world in 2021: $160 million
- Exports: $20 million, unchanged from 2020
- Imports: $140 million, a 32.1% increase from 2020
Trade deficit in 2021: $120 million, an increase from $86 million in 2020