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—Winter 2018
Provincial Outlook Economic Forecast: Newfoundland and Labrador—Winter 2018
Provincial Economic Analysis
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- Newfoundland and Labrador’s economy, after contracting in 2017, will bounce back over the short term, growing by 2.6 per cent this year and 3.6 per cent in 2019.
- Fundamentally, however, the domestic economy will be relatively weak.
- Newfoundlanders and Labradorians will see some wage growth in 2018 and 2019. Salaries will rise by 1.4 and 1.5 per cent, respectively, but inflation is expected to outpace these income gains.
- The decline in business investment is led mainly by a decrease in expenditure on non-residential structures as many large mining and energy projects such as Hebron and Muskrat Falls are nearing completion or are completed.
- The fiscal situation in Newfoundland and Labrador remains relatively challenging.
- Goods exports are projected to grow rapidly, by 10.7 per cent in 2018 and 12.9 per cent in 2019, driven by energy and mining projects like Hebron, Wabush 3, and the Scully mine that is coming online.
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