Newfoundland economy pulls ahead of other Atlantic Provinces

Newfoundland and Labrador’s remarkable oil and mining boom is creating a new chasm – between the haves and have-nots of Atlantic Canada. Its economy is powering ahead, while those of Nova Scotia, New Brunswick and Prince Edward Island languish, weighing on the nationwide recovery. Nova Scotia, New Brunswick and PEI are on a pace to come in dead last this year and in 2012 on virtually every economic measure, including GDP, employment, capital spending, housing starts and consumer spending, according to new forecasts from several of the major Canadian banks. And the three provinces are starting from an already weak base. Meanwhile investment activity is at a record pace in Newfoundland, led by work on the offshore Hibernia South and Hebron oil fields, as well as iron ore and nickel projects in Labrador. Spending on major projects is expected to rise 49 per cent to $6.2-billion this year, after rising 30 per cent in 2010, according to an inventory compiled by APEC. Click the link below to read the Globe and Mail’s complete report.

Get our weekly newsletter for in-depth reporting and analysis delivered straight to your inbox. You can unsubscribe from the newsletter at any time. Have a question? Contact us or review our privacy policy for more information.


Sign up for our weekly Indygestion newsletter


Sign up for the Indygestion newsletter

Each Saturday, we'll deliver a recap of all our in-depth reporting and analysis from the week.

Our donors make it possible.

Newfoundland and Labrador’s premiere outlet for progressive ideas is only possible with your support. Will you join us?

This site uses cookies to provide you with a great user experience. By continuing to use this website, you consent to the use of cookies in accordance with our privacy policy.

Scroll to Top