Backgrounder
Province Continues to Benefit from Recent Economic Growth
Newfoundland and Labrador has seen significant economic growth over the past 10 years. There have been substantial improvements in many economic and financial indicators, with gains in real household disposable income per capita – a measure of average consumer purchasing power – outpacing all other provinces over this past decade. More people are working than ever before and the unemployment rate is lower than any time since 1973. For the first time in over 40 years, Newfoundland and Labrador no longer has the highest unemployment rate in Canada.
The province’s economy has grown by 14.4 per cent over the past decade. Continued economic growth is expected in 2014. The Provincial Government’s goal is to maintain the record gains experienced, stimulate growth in 2014 and intensify efforts to pursue the significant opportunities available to the province to ensure a vibrant economy over the long term.
The following are projections for 2014:
2003 | 2013 | % Change | |
---|---|---|---|
Real GDP ($2007M) | 25,541 | 29,222 | 14.4 |
Capital Investment | $3.712 billion | $12.329 billion | 232.1 |
Employment | 211,800 | 232,800 | 9.9 |
Average Weekly Earnings ($) | 640 | 951 | 48.6 |
Household Income Per Capita ($) | 24,421 | 41,794 | 71.1 |
Household Disposable Income Per Capita ($) | 18,162 | 31,938 | 75.9 |
Retail Sales | $5.736 billion | $8.524 billion | 48.6 |
Housing Starts (units) | 2,692 | 2,862 | 6.3 |
Consumer Price Index (2002=100) | 102.9 | 126.0 | 22.4 |
Unemployment Rate (%) | 16.4 | 11.4 | -5.0 percentage points |
Population | 518,445 | 526,702 | 1.6 |
Labour Income | $7.688 billion | $14.554 billion | 89.3 |
For further information about Newfoundland and Labrador’s economy, see The Economy publication at www.gov.nl.ca/budget2014.
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Media contact:2014 03 27 2:20 p.m.