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.
Provincial Outlook Economic Forecast: Newfoundland and Labrador—Summer 2017
Provincial Outlook Economic Forecast: Newfoundland and Labrador—Summer 2017
Provincial Economic Analysis
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- Newfoundland and Labrador will be the only province in recession this year, but it will lead the country in 2018, due mainly to rising oil production.
- Employment will suffer over the forecast, as a few large projects reach the end of the construction stage, helping to weaken domestic demand.
- People are leaving Newfoundland and Labrador’s labour force, but the unemployment rate will stay elevated over the forecast, around 14 per cent.
- The provincial government’s fiscal situation is improving, but there is still a long way to go. It will require the government to cut back on spending for most of the forecast.
- Overall investment is projected to decline sharply, but there are positive signs that exploration spending is turning around.
- The services sector will decline in each year of the forecast, but rising oil and mining production will lift Newfoundland and Labrador into recovery in 2018–19.
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