Yellowknife, N.W.T. - According to Statistics Canada, the NWT was the only jurisdiction in the country which saw an outright contraction in gross domestic product in 2011.

The territory's economic output for last year was down 5.5%, thanks in large part to a reduction in diamond mining and exploration of oil and gas.

However, Industry, Tourism and Investment minister Dave Ramsay isn't too concerned about it and wants to look at the glass half-full instead of half-empty.

He said while the concern is there, it's not stopping the GNWT from pumping resource development, which is a major force in the territory's economy.

"We are going to continue to pursue development of our resources in a sustainable way that is going to see that economic growth in our territory continue."

Ramsay said his department is projecting growth in the next five years and that will come from mining development.

"We're hoping to get across the goal line here with Prairie Creek, perhaps Avalon, Nico, there's a number of them. So that would factor in. Gaucho Kue of course is a big factor in that."

He also said tourism and the Tuktoyaktuk-to-Inuvik Highway will fuel a rise in GDP for years to come.

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