This annual 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
The offshore oil industry will continue to play a key role in the provincial economy.
A declining population will constrain potential output over the long term.
Residents of Newfoundland and Labrador will continue to move to other provinces over the long term.
An aging population and the need for infrastructure spending will put pressure on the provincial budget.
Housing starts will fall throughout the forecast period due to population aging.
Newfoundland and Labrador will post the highest unemployment rate in Canada over the forecast period.
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