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.
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