This quarterly economic forecast for the province of Newfoundland and Labrador examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Document Highlights
Newfoundland and Labrador’s real GDP is estimated to have grown by 3.3 per cent in 2021, as a decline in oil production and COVID-19’s fourth wave delayed a full recovery of 2020’s decline.
Disposable income has strengthened on the back of federal COVID-19 support payments, leading to healthy consumption gains through 2022.
Increased electricity output from Muskrat Falls and the resumption of the Terra Nova expansion will lead to economic growth of 2.9 per cent in 2022 and 3.0 per cent in 2023.
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