N.L. to enjoy fastest-growing economy thanks to oil production: report
A dramatic economic turnaround is being predicted for Newfoundland and Labrador next year, according to a new report by a national economic think tank.
The Conference Board of Canada says the province is expected to lead the country in economic growth, thanks to offshore oil royalties.
Just a year after having the weakest economic outlook in 2018, the province’s real gross domestic product is expected to grow by 5.2 per cent in 2019.
The provincial outlook report cited offshore oil activity and future developments like the Bay du Nord development project, expected to start construction in 2020, as “cause for optimism in the future.”