The Leader Post
September 26, 1973. p.1
Led by a booming agricultural economy, nearly every Saskatchewan economic yardstick will reach record highs by the time totals are tallied at the end of 1973, according to predictions made in a provincial government economic report.
The Saskatchewan Economic Review, released Wednesday by Premier Blakeney, gives the actual figures for 1972 and makes predictions for 1973.
The report indicates that 1973 will be the most successful economic year in the province's history from the standpoint of straight statistics, and prospects for 1974 remain strong.
Those encouraging statistics are tempered, however, by continued inflationary pressures in the province, as well as in the rest of the country, and a continued decline in Saskatchewan population.
The population was estimated at 908,000 as of June 1, 1973, compared with 916,000 the previous year and a high of 960,000 in 1968.
Following are a few of the records estimated by the end of the year:
- Personal income $3 billion compared with $2.7 in 1972.
- Net value of production $2 billion, compared with a 10-per-cent drop to $1.69 billion in 1972.
- Farm cash receipts $1.55 billion, up from $1.2 billion in 1972 which in turn was a 31.2-per-cent increase compared with 1971.
- Realized net farm income, which is the amount left to the farmer for family living and investment after various expenditures, $940 million, 5 1/2 times the low 1969 level of $170 million.
- Value of manufacturing $700 million as against $621.7 million last year.
- Private and public investment $1.2 billion, up slightly after a 17-per-cent jump in 1972.
- Retail trade $1.4 billion, compared with $1.27 billion in 1972, a 12-per-cent increase from 1971.
The report said the most encouraging aspect of the recent agricultural section was that markets for wheat, feed grains, oilseeds and livestock are buoyant simultaneouly, which should tend to minimize traditional swings between wheat and livestock that have hampered diversification.
Strong demand for farm products is expected to continue into 1974.
Strong inflationary pressures can be expected to remain throughout the rest of this year, but general price levels could ebb somewhat in 1974 as production catches up to demand and inventories are rebuilt, the report said.
However, prices for food and other agricultural commodities are expected to remain strong into 1974.
Despite the sustained expansion in the general economy, gains this year by those sectors which tend to be highly job creating were only moderate. These include the manufacturing and service sectors.
