Economic Recovery and Diversification
The GNWT is a large player in the NWT’s economy and Budget 2021 is contributing to economic stability by maintaining expenditures with no spending reductions. The Budget includes $2.013 billion in expenditures and $441 million in capital projects.
This information is also available in .pdf format.
Tourism and parks
Tourism and hospitality sectors were amongst the hardest hit in 2020 and the GNWT is focused on helping these sectors emerge stronger than ever. Budget 2021 includes $936,000 to renew the Tourism 2025 strategy—the GNWT’s road map for tourism investments over the next five years. The budget also includes funding for seasonal positions to address increased use of NWT Parks in the South Slave ($58,000) and a new tourism development officer position in Inuvik ($76,000).
Budget 2021 includes $250,000 to revitalize the Great Slave Lake commercial fishery and $510,000 to help increase the amount of food produced locally in NWT communities. These investments will help diversify local economies and help to improve food security across the territory.
The GNWT will also support the NWT’s emerging knowledge economy investing $350,000 to establish regional economic development plans that include economic opportunities that stem from the knowledge and expertise of northern residents and businesses.
Exploration and development
Resource development is a vital part of the NWT economy that provides high paying jobs for our residents and opportunities for northern businesses.
A $400,000 investment in the Mining Incentive Program will allow prospectors and exploration companies continue mineral exploration work in the NWT. Budget 2021 also includes $225,000 to restore the confidence and investment of the petroleum industry in the NWT, while promoting local natural gas projects that meet the more immediate energy needs of communities and businesses through the GNWT’s Petroleum Resources Strategy.