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
The unemployment rate will remain just under 14 per cent throughout the forecast period, leaving N.L. with the highest unemployment rate in the country.
Business investment is trending down as many large projects have recently been completed and others are on the verge of completion.
Export growth, particularly from the oil sector, is driving the economy and Newfoundland and Labrador will lead the country in export growth this year.
The government’s 2018 budget keeps the province on a path to balance in 2022–23, but government spending is high and needs to be addressed further.
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