Waves Come Crashing Down: Newfoundland and Labrador’s Two-Year Outlook—March 2022

Name: Waves Come Crashing Down: Newfoundland and Labrador’s Two-Year Outlook—March 2022
SKU: 11559-0405-WEB
Availability: InStock

Canadian Economics

March 25, 2022

Provincial Economic Analysis

Pages:14 pages23 min read

Author: Signal49 Research

$705.00

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. Newfoundland and Labrador’s real gross domestic product will increase by 1.8 per cent this year and 3.5 per cent in 2023. The boost to real GDP growth next year will be driven in part by higher oil production, thanks to the restart of oil production at the Terra Nova offshore site. Household spending will increase at a modest pace over the near term even though disposable income will decline this year due to the winding down of federal government support.

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Document Highlights

Newfoundland and Labrador’s real gross domestic product will increase by 1.8 per cent this year and 3.5 per cent in 2023.

The boost to real GDP growth next year will be driven in part by higher oil production, thanks to the restart of oil production at the Terra Nova offshore site.

Household spending will increase at a modest pace over the near term even though disposable income will decline this year due to the winding down of federal government support.