This annual economic forecast for the province of Newfoundland examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Provincial Long-Term Economic Forecast for Newfoundland: 2016
Provincial Long-Term Economic Forecast for Newfoundland: 2016
Provincial Economic Analysis
$645.00
- The development of offshore oil projects will be a primary driver of economic growth.
- A declining population will inhibit economic growth in the province over the long term.
- Manufacturing will get a boost from the mining industry and the comprehensive free trade agreement between Canada and the European Union.
- An aging population and the need for infrastructure spending will put pressure on the provincial budget.Housing starts will fall throughout the forecast period, along with residential investment.
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