The town's economic base is defined primarily by agriculture and the oil and gas industry. Natural resources in the area also include salt, peat moss, timber and gravel.
Major agricultural products are poultry, processed feeds, alfalfa pellets, peat moss, canola seed/legume seed, goat products, beef, honey, course grains and dairy products.
The Town of St. Paul is largely a service centre for the region. The labour force of St. Paul is predominantly employed in service occupations and the trade sector. Construction and government sectors are also large employers in the town.
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