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November 11, 1999
(Finance)


Minister delighted with GDP for 1998

Finance Minister Paul Dicks said that he is delighted with a Statistics Canada's report which states that Newfoundland and Labrador's real GDP (Gross Domestic Product) growth in 1998 was 6.2 per cent - double the Canadian average.

"Oil production and related spin-offs are largely being credited for the 6.2 per cent real GDP growth we experienced in 1998," noted Minister Dicks. "The fact that we had double the national growth is a true indicator that the economy of Newfoundland and Labrador has turned the corner. This rate of growth exceeded all expectations and forecasts."

According to Statistics Canada, crude oil accounted for the bulk of Newfoundland and Labrador's growth, both in oil production from Hibernia and ongoing work on the Terra Nova project. Spin-off industries which also had strong growth included engineering services, shipbuilding and water transport. The tourism and fishing industries were also highlighted as major contributors.

"We expect 1999 to be another tremendous year for economic growth," said the minister. "Government's plan for economic growth is obviously working, and we will build upon that plan as a result of our ongoing consultations with the people of Newfoundland and Labrador. We remain committed to fostering an environment which is conducive to long-term growth."

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

1999 11 11


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