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 2019
Provincial Outlook Economic Forecast: Newfoundland and Labrador—Autumn 2019
Provincial Economic Analysis
$705.00
- Real GDP will rebound by 4.5 per cent this year, leading all provinces in economic growth.
- A surge in oil production will be the main driver for economic growth throughout the medium term.
- Consumer spending is forecast to be subdued beyond 2019, held back by falling employment, a shrinking labour force, and weaker household income growth.
- Business investment will fluctuate over the medium term, while the Bay du Nord and Voisey’s Bay expansion projects will keep construction elevated.
- The province’s debt-to-GDP ratio declined in fiscal year 2019–20 for the first time in eight years, but the government still faces multiple challenges on its path to a balanced budget.
Customers Who Downloaded This Also Liked
6 min read
13 min read
13 min read
9 min read
Require an accessible version of this research?
Upon request, Signal49 Research offers accessible versions of research. Please contact us to request your accessible version.
Learn more about our accessibility policies.
Effective January 26, 2026, AERIC Inc./Signal49 Research discontinued use of ‘The Conference Board of Canada’ name, logo and branding, which had been used by AERIC Inc./Signal49 Research under license from The Conference Board, Inc. The Conference Board, Inc. and its licensees, which are not affiliated with Signal49 Research, own all right, title and interest in THE CONFERENCE BOARD name and trademarks in Canada and have the exclusive right to their use in Canada since January 26, 2026.
