Provincial Outlook Economic Forecast: Newfoundland and Labrador—Spring 2017
The Conference Board of Canada, 76 pages,
July 4, 2017
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.
- Real business investment is expected to plunge 31.8 per cent this year, followed by a drop of 18.7 per cent in 2018.
- Constrained by weak employment and wage growth and high taxes, real consumption spending in the province is projected to decline by 1.6 per cent in 2017.
- Exports will be boosted by production jumps from new mines and the Hebron platform entering production capacity. After remaining stagnant this year, real exports will grow by 12.2 per cent in 2018, led by increased oil production.
- The province’s fishing industry is set to take a hit, as shrimp and crab quotas were slashed this spring to protect against overfishing.