Finance
May 15, 2014
Economic Growth Fueling Long-Term Prosperity
Province Earns A+ Grade for Economic Performance From Conference Board of Canada; Leads the World in Economic Performance
The Conference Board of Canada has given Newfoundland and Labrador an A+ grade for economic performance in its report How Canada Performs: Economy, which was released today. Newfoundland and Labrador is one of three provinces in Canada to receive a grade of A+, outperforming the country and the rest of the world.
“With an A+ rating, our province was not only ahead of Ontario, Quebec, BC, Manitoba and the Maritimes for economic performance; we were also ahead of Canada’s national performance and ahead of the US, the UK, Australia, France, Germany and even Norway. Not only are we leading the entire country in foreign direct investment performance, but we are also shining in employment growth. We are very proud of our economic growth over the last decade and the significant impact it is having on people’s lives. Through our social and economic plan, we will continue to strengthen the business environment, encourage the development of innovative industries, and diversify the economy.”
- The Honourable Charlene Johnson, Minister of Finance and President of Treasury Board
In the news release issued by the Conference Board today, Glen Hodgson, Senior Vice-President and Chief Economist, said: “Alberta, Saskatchewan, and Newfoundland and Labrador are “A+” economies—they rank higher than any advanced country in our analysis.”
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.
QUICK FACTS
- The Conference Board of Canada has given Newfoundland and Labrador an A+ grade for economic performance in its report How Canada Performs: Economy, which was released today.
- Newfoundland and Labrador, Alberta and Saskatchewan are the only jurisdictions rated to have an A+ economy, outperforming the rest of the world.
- Newfoundland and Labrador has seen significant economic growth over the past 10 years. There have been substantial improvements in many economic and financial indicators.
- More people are working in the province than ever before and the unemployment rate is lower than any time since 1973.
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Media contact:
Tansy Mundon
Director of Communications
Department of Finance|
709-729-6830, 693-1865
tansymundon@gov.nl.ca
2014 05 15 5:50 p.m.