N.L. to enjoy fastest-growing economy thanks to oil production: report

N.L. to enjoy fastest-growing economy thanks to oil production: report
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A dramatic economic turnaround is being predicted for Newfoundland and Labrador next year.

The Conference Board of Canada says it is expected to lead the provinces in economic growth, thanks to offshore oil royalties.

Just a year after having the weakest economic outlook in 2018, the province’s real GDP is expected to grow by 5.2 per cent in 2019.

Prince Edward Island and British Columbia are also expected to see strong growth of 2.7 per cent next year, with P.E.I. benefiting from steady immigration and a booming tourism industry.

Alberta’s domestic economy has picked up and GDP is set to grow 2.2 per cent in 2019 but uncertainty in the province’s own oil sector around prices and transportation could result in lower-than-projected growth.

Other provinces are expected to see slower economic growth of below 2 per cent in 2019, with Nova Scotia and New Brunswick forecast to see 1 per cent and 1.3 per cent growth, respectively.

Quebec and Ontario’s economies are slowing down but both are predicted to grow by just under 2 per cent, according to the report.

Saskatchewan will see predicted modest growth of 1.6 per cent, and Manitoba about 1.9 per cent.

The Canadian Press

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