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Home Canadian Press N.L. to enjoy fastest growing economy thanks to oil production: report

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

OTTAWA, O.N. – 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 percent in 2019.

Prince Edward Island and British Columbia are also expected to see strong growth of 2.7 percent 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 percent 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 percent in 2019, with Nova Scotia and New Brunswick forecast to see 1 percent and 1.3 percent growth, respectively.

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

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

(THE CANADIAN PRESS)

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