Newfoundland and Labrador Economic Outlook 2018-19: Short Term Gain, Long Term Pain

The Conference Board of Canada, June 4, 2018
Recorded Webinar by ,
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After five difficult years, there is finally some good news for the Newfoundland and Labrador and the City of St. John’s, thanks to the start of production at the new Hebron offshore oil field late last year. Higher oil production will help lift growth in real gross domestic product (GDP) in Newfoundland and Labrador and St. John’s to 2.6 and 2.5 per cent, respectively, in 2018. Beyond this short-term growth spurt, however, prospects are grim. Provincial employment has been declining steadily and there is no end in sight. As well, the province’s population shrank last year and further declines are expected over the forecast.

Webinar Highlights

During this webinar, Marie Christine and Alan provide you with the Conference Board’s latest economic outlooks:

  • International and national outlooks— An upturn in oil prices will stabilize the Canadian dollar and interest rates continue to rise
  • Newfoundland and Labrador outlook—Despite the current growth outlook, the domestic economy is weak, investment is in decline and the government’s fiscal position remains challenging
  • St. John’s outlook—The up-to-date forecast of the St. John’s CMA will focus on the construction sector and consumer demand.

About Alan

Photo of Alan ArcandAlan Arcand oversees the Centre’s forecasts of 28 Canadian census metropolitan areas. As well, he conducts customized studies measuring the fiscal capacity of cities, economic impact analyses, and the development of customized macroeconomic models.

Alan obtained his M.A. in economics from Queen’s University and his B.A. in international relations from the University of Windsor. He has been with the Conference Board since 2000.

About Marie Christine

Photo of Marie-Christine BernardMarie-Christine Bernard is Director, Provincial Forecast at The Conference Board of Canada. Marie-Christine is responsible for the medium and long-term Provincial Outlook forecast and publication. She also works on financed research projects and prepares alternative scenarios to the provincial forecast.

Prior to joining the Board in 1996, Marie-Christine was part of an energy and natural resources group (GREEN) at l’Université Laval. She also did research for Gaz Métropolitain, a natural gas distributor in Montreal, on natural gas pricing for non-residential buildings in the province of Quebec.

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