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—June 2020
Provincial Outlook Economic Forecast: Newfoundland and Labrador—June 2020
Provincial Economic Analysis
$705.00
- The COVID-19 pandemic and the fall in oil prices will lead to a 4.1 per cent decline in Newfoundland and Labrador’s economy this year.
- Employment is forecast to decline by 2.6 per cent in 2020, marking the fifth time in the last seven years that the number of jobs has fallen. The province’s unemployment rate is expected to rise to an average of 12.3 per cent this year.
- Weak income gains and deep employment losses will hurt consumer confidence in 2020, lowering consumer demand.
- An expected rebound next year will push real GDP up by 5.6 per cent.
- Over the medium term, growth in Newfoundland and Labrador’s economy will be modest, at an annual average of 1.4 per cent.
Customers Who Downloaded This Also Liked
20 min read
3 min read
8 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.
