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May 21, 1999
(Executive Council)


Economic indicators show strong growth

Premier Brian Tobin said today that the latest economic data released by Statistics Canada confirms that 1999 is shaping up as a year of strong growth. Statistics Canada reported this morning that retail sales in March grew by 11.0 per cent compared to March last year. A 25.6 per cent increase in the number of motor vehicle sales was an important factor in the increase.

"Retail sales in Newfoundland and Labrador posted the strongest growth of any province in March," noted Premier Tobin. "This is just one economic indicator that is showing strength this year."

Other sectors of the economy are also performing well. Housing starts in the first quarter were 24.4 per cent higher than a year earlier. Hibernia oil production was up by 58.2 per cent. Newsprint shipments were up 6.4 per cent and manufacturing shipments rose 4.7 per cent.

"Growth in the economy is providing more jobs. This means people have more income, and therefore more money to spend," said the Premier. "This is showing up in our retail sales. People have more confidence and are opening their wallets to buy new cars and other goods."

Statistics Canada figures released earlier this month showed a year-to-date employment gain of 8,800 jobs compared to last year, an increase of 4.9 per cent. These gains are coming in the form of full-time jobs, where earnings are higher, rather than part-time positions. Average weekly earnings in February were 3.2 per cent higher than in February of 1998.

"Our budget forecast this year calls for real economic growth of 5.0 per cent," said Premier Tobin. "Private sector forecasters also expect the province to record strong growth and the consensus is that Newfoundland and Labrador will post the strongest growth of any province for a second consecutive year."

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

1999 05 21                      4:30 p.m.


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