Province’s Economic Growth Predicted to Surpass Other Provinces

Newfoundland and Labrador’s economic growth is expected to surpass all other provinces by year-end, according to the Royal Bank of Canada’s (RBC) Provincial Outlook for September. RBC credits a rebound in the oil and gas industry and improving conditions for large-scale mining projects for pushing the province’s economy to the top of provincial rankings.

“This assessment by RBC confirms the continued economic growth and prosperity our province is enjoying,” said the Honourable Jerome Kennedy, Minister of Finance and President of Treasury Board. “Our government is committed to responsible fiscal management, sustainable resource development, and fostering innovative industries, and we are continuing on our course toward a sustainable future for all Newfoundlanders and Labradorians.”

The RBC report puts the forecast for Newfoundland and Labrador real GDP at six per cent in 2013, ahead of Alberta (3.2 per cent), Saskatchewan (2.7 per cent), and Manitoba (2.5 per cent), with all other provinces to be below the national average of 1.8 per cent.

“Increased oil production, and progress in the mining sector, when compared to last year’s slowdowns, is credited with prompting this 2013 growth,” said Minister Kennedy. “The assessment provided by RBC is encouraging, as we look forward to sustaining this success in to 2014, with a further 1.3 per cent forecasted growth.”

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Media contact:
Tansy Mundon
Director of Communications
Department of Finance
709-729-6830, 693-1865
tansymundon@gov.nl.ca 

2013 09 20             10:10 a.m.