Hoping to find the best self storage units for rent in Nunavut? Explore the listings above and see all the units we have for you.Nunavut is Canada's northernmost and newest territory, covering almost two million square kilometers. It has a small population of around 38,000, with the majority of the population being of Inuit descent. Despite its small size and population, Nunavut's industries are diverse and have a significant economic impact on the country.
The two main industries in Nunavut are mining and fishing. Mining is the biggest industry, with gold being the main mineral extracted, followed by iron ore, diamonds, and other minerals. Fishing is also an important industry in Nunavut, with a fishing fleet of around 300 vessels and a total annual catch of around 7,000 tonnes. Other industries in Nunavut include tourism, government services, and the production of fur products.
The labor force in Nunavut is largely concentrated in the mining and fishing industries. The majority of workers in the mining industry are employed by large mines, while fishing is dominated by small-scale fishing operations. In addition, the government sector provides employment for many people in Nunavut, with the government being one of the largest employers in the territory.
The Gross Domestic Product (GDP) of Nunavut is estimated to be around $4.6 billion in 2021, which is relatively low compared to the rest of Canada. (https://www.wikiwand.com/en/List_of_Canadian_provinces_and_territories_by_gross_domestic_product#GDP_and_per_capita_GDP,_2021)
The majority of the GDP is generated by the mining and fishing industries, although the government services sector also contributes significantly to the GDP. In terms of economic trends, Nunavut has seen a steady growth in its GDP over the past few years, with the mining industry in particular experiencing strong growth.
Nunavut ranks low in terms of GDP per capita compared to the rest of Canada, but its industries are growing and providing more jobs and opportunities for its citizens. The mining industry is expected to continue to grow, with more investments in the sector and the development of new mines. Fishing is also expected to remain an important industry for Nunavut, with the potential for further growth in the sector. The government services sector is also expected to see continued growth in the coming years, providing more employment opportunities for the people of Nunavut.