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.
Trying to Stay Afloat—On- and Offshore: Newfoundland and Labrador’s Two-Year Outlook—September 2020
Trying to Stay Afloat—On- and Offshore: Newfoundland and Labrador’s Two-Year Outlook—September 2020
Provincial Economic Analysis
$705.00
- The Newfoundland and Labrador economy will contract by 7.1 per cent this year due to the COVID-19 pandemic and lower oil prices.
- Employment is forecast to decline by 6.3 per cent in 2020, down for the fifth time in the last seven years. The significant drop in employment will result in the province’s unemployment rate rising to an average of 14.3 per cent for this year.
- Consumer demand slipped during the early days of the pandemic but has started to pick up in the second half of 2020, as the province has reopened to residents and travellers from the rest of the Atlantic region.
- Growth in real GDP is expected to reach 5.2 per cent in 2021 and 3.5 per cent in 2022 as the impacts of the pandemic fade and oil prices regain some ground.
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