The following statement was issued today by Joan Marie Aylward, Minister of Finance. It was also read in the House of Assembly:

Province�s economic agenda working

I take this opportunity to inform the House about two announcements made yesterday about the economic performance of this province.

Statistics Canada reported that in 2002, the GDP of this province grew by 13.4 per cent � double our previous best year and the fastest growth of any province in records that go back 22 years. By any measure, I think everyone would have to agree with the Globe and Mail�s description of this as "stunning" and "spectacular" growth � "a leap that shattered records".

Also yesterday, RBC Financial Group economists predicted that Newfoundland and Labrador will lead the country in economic growth this year, and again in 2004. This province has experienced GDP growth of more than five per cent in four of the past five years. The RBC forecast is "for another two years of five per cent growth, thus stretching the record to six of the past seven years".

The RBC Group is also forecasting that this province is one of four that will lead the country in job growth this year, with a two per cent employment increase in this province. Furthermore, the Group confirms what we been saying all along � that the out-migration trend has been reversing for the past several years. In fact, the RBC Group says the net number of people leaving the province is running at less than one-half the pace of the 1996-98 peak.

What all of this demonstrates, is that this government�s economic agenda is working. All the economic indicators are moving in the right direction. Yes, much more needs to be done, because even though significant gains have been made, they are not shared by all regions of the province.

The provincial government has been aggressive in pursuing economic development opportunities for our province. Our plan is clear for all the people of the province to see. We have been successful to the point where we now generate the majority of our provincial revenues here at home. However, we continue to be challenged by fiscal arrangements with the federal government that prevent us from taking full advantage of the successes of our economy.

An improved equalization program, a willingness to continue with federal-provincial economic development agreements, and a stronger commitment to address the impacts of the recently announced cod fishery closures are just a few examples of how the federal government can join with us in ensuring that the benefits of this growing economy are shared by every Newfoundlander and Labradorian.

2003 04 30                                        2:35 p.m.