October 12, 1999
(Finance)

Minister comments on provincial ranking

Finance Minister Paul Dicks said that he is pleased to see the Globe and Mail rank Newfoundland and Labrador number one in its ranking of provincial economic momentum. The report was published in Report on Business, October 11, 1999.

"Newfoundland and Labrador outperformed all other provinces in five of seven economic indicators scoring 67 points out of a maximum of 70," noted Minister Dicks. "This reflects our own positive forecasting, that of other third party forecasters, and is a true measure of the growth we are currently experiencing."

In the six months since the Globe and Mail last ranked provinces, Newfoundland and Labrador has experienced a 2.9 per cent increase in employment, housing starts are up by 32.1 per cent, retail trade has increased by 4.6 per cent, there has been a 16.1 per cent growth in the value of manufacturing shipments and 13.7 per cent growth in wholesale trade, capital spending plans have shot up by 29.2 per cent from 1998, and GDP has grown by 4.9 per cent over last year.

Growth is attributed to the maturing oil industry, higher newsprint production, and increased fish processing. Additionally, manufacturing shipments have risen significantly, and tourism is booming.

"It is a pleasure to see our accomplishments acknowledged nationally," noted Minister Dicks. "Our plan to date has worked. Through the recently announced renewal strategy for jobs and growth, called Securing our Future Together, we are refocusing our efforts to ensure this momentum is maintained."

The second ranked province was Ontario with 50 points out of a possible total of 70.

Media contact: Paula Dyke, Communications, (709) 729-0329.

1999 10 12                      4:25 p.m.