We reveal our forecast for Newfoundland and Labrador’s economy, including GDP, consumer spending, housing starts, migration, the province’s job market, and business and government investment and exports.
The province’s GDP dropped 2.4 percent in 2023. What was the main cause? After the economic reduction of the last few years, this year will show an increase in the GDP. Why did the GDP rise this year? Will it rise or fall the following year?
Population growth is predicted to slow over the next four years. How will this impact the labour market, residential construction, and consumer spending? Real exports will finally see growth this year after four years of decline. The reason is the strong demand for oil and gas, seafood, and food manufacturing. But will this demand continue?
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