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
Economic growth will be volatile over the forecast period as the construction cycles of projects take their course.
Employment will grow in 2019 before shrinking in each of the next four years.
Investment in the province will increase as several important projects are under way; this is despite the Muskrat Falls project reaching completion.
The mineral fuels mining sector will play a key role in boosting economic growth as production rises at the new Hebron offshore platform.
Demographics remain a key challenge for the province moving forward; the labour force will continue to shrink as baby boomers retire.
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