Growth Belies Underlying Fiscal Issues: Newfoundland and Labrador’s Two-Year Outlook

The Conference Board of Canada, 14 pages, June 14, 2021
Issue Briefing
(You must be signed in and entitled to rate this report)

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.

Document Highlights

Newfoundland and Labrador’s real GDP is expected to expand by close to 5.2 per cent this year and 4.1 per cent in 2022. Rebounds in investment and household spending are the main factors behind the rebound in economic activity this year. The gain in real GDP this year will be lower than growth at the national level due to the more modest drop in activity that transpired in 2020.

In Growth Belies Underlying Fiscal Issues: Newfoundland and Labrador’s Two-Year Outlook, The Conference Board of Canada’s outlook for both housing starts and residential construction is grim over the medium term, as the province will continue to deal with a rapidly aging population and Newfoundlanders continue to leave the province for other parts of Canada. Higher oil prices will help to lower the province’s massive debt levels but the government must consider other measures, including reduced expenditures and higher taxes.

Table of Contents

Key findings

Newfoundland and Labrador snapshot


Labour markets

Consumer spending



Oil and gas



COVID-19: Get all the insights

To see if you are entitled to get this research for free, take a minute and create a free e-Library account. This will let us determine if someone else at your organization has already purchased access to this material.

Browse by...
Need Help?