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.
Provincial Outlook Economic Forecast: Newfoundland and Labrador—Autumn 2017
Provincial Outlook Economic Forecast: Newfoundland and Labrador—Autumn 2017
Provincial Economic Analysis
$675.00
- Rising oil production and mining in Newfoundland and Labrador will spur GDP growth.
- Employment will continue to fall over the forecast as large construction projects are completed or postponed.
- Inflation will outpace the weak growth in incomes, thereby depressing the purchasing power of Newfoundlanders and Labradorians and reducing consumption growth.
- Future projects in mining and oil will slow the decline in total investment with help from marine seismic surveying, which will improve the efficiency of exploratory drilling.
- Although Newfoundland and Labrador’s deficit has increased by approximately $75 million, credit-rating agencies maintain that the province’s debt is stable.
- Newfoundland and Labrador will see gains from trade, led by oil exports, that will boost GDP.
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