Provincial Outlook Economic Forecast: Newfoundland and Labrador—Spring 2019
The Conference Board of Canada, 61 pages,
June 7, 2019
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 will lead the provinces in growth this year, with real GDP rising by 4.4 per cent.
- Despite a temporary shutdown at the White Rose platform, the oil and gas extraction industry will grow by 8.4 per cent in 2019 as production at Hebron accelerates.
- The construction of major projects and their operations thereafter will continue to be the largest contributors to economic growth.
- Employment growth in 2019 will be short-lived, with job numbers falling in 2020.
- Wage gains and employment growth will struggle to translate into household spending—an issue that is more prominent in Newfoundland and Labrador than in any other province.