The economic outlook for 2006 is positive – with strong real GDP growth of 6.2% expected for the year. In fact, most forecasters expect Newfoundland and Labrador to lead the country in growth this year. Growth in 2006 will stem primarily from higher mineral and oil exports. Growth is expected to remain strong in 2007 but is forecasted to decline over the following two years. This is due to the exhaustion of peak reserves at both the Terra Nova and Hibernia oil fields.

Other indicators such as employment and income continue to show modest growth over the entire forecast period.

Further information on the short-term outlook is available in the Forecast Table . 

See also: Statistics | The Economy 2006