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BMO Financial Group

June 01, 2011 10:49 ET

BMO Blue Book: Resource Sector and Immigration Pillars of Strength for Saskatchewan

REGINA, SASKATCHEWAN--(Marketwire - June 1, 2011) - Saskatchewan's economy shrugged off a disappointing crop year in 2010 and is benefiting from low unemployment and a rise in immigration, according to the first edition of the BMO Blue Book, a joint publication of BMO Capital Markets Economics and BMO Commercial Banking. Much like the U.S. Federal Reserve's Beige Book, the BMO Blue Book combines the expertise of BMO's economists with information on current business conditions provided to BMO's commercial bankers by local businesspeople.

"The resource sector was a pillar of strength last year, and activity should continue at a brisk clip this year, helping drive 3.9 per cent growth before moderating to a 3.3 per cent pace in 2012," said Robert Kavcic, Economist, BMO Capital Markets.

"This Spring's provincial budget was yet another signal that Saskatchewan is back from the recession and looking strong," said Mike Darling, District Vice-President, Saskatchewan, BMO Bank of Montreal. "Unemployment, currently running at 5 per cent, is as low as anywhere in Canada. Many people who left the province in difficult times are coming back, and there is a strong influx of immigration as well. This is a strong reflection of the widespread enthusiasm for Saskatchewan's economic outlook."

The full report can be found at www.bmocm.com/economics.

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