March 1, 1999
(Executive Council)

Premier pleased with Bank of Montreal forecast

Premier Brian Tobin said today that he is pleased to see yet another third-party economic forecast which has Newfoundland and Labrador leading the country in real GDP growth in 1999.

The Bank of Montreal released a new study today which predicts this province will experience 3.5 per cent real GDP growth this year, and 3.0 per cent in the year 2000. This compares to national growth of 2.7 per cent in 1999 and 2000.

"I am pleased to see that yet another major economic institution is confirming what we have long known to be true - that Newfoundland and Labrador will continue to experience strong economic growth," said Premier Tobin. "This forecast reflects the positive impact of our growing oil and gas industry, supported by a diversified service sector."

Media contact: Heidi Bonnell, (709) 729-3564.

1999 03 01                           5:15 p.m.