APEC says N.L. saw robust growth in first half of 2012

Staff ~ The Telegram
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Fred Bergman

Newfoundland and Labrador and Prince Edward Island showed robust growth in the first half of 2012, according to the latest economic report from the Atlantic Province’s Economic Council (APEC).

APEC says Nova Scotia and New Brunswick performed weaker, contributing to mixed economic results in the Atlantic region.

The council’s summer issue of Atlantic Currents also noted that flagging global growth could weaken the region’s exports in the second half of 2012.

It also says  lower commodity prices could slow key mine expansions.

“Average weekly wages across the Atlantic region increased at a stronger pace than the rest of Canada in the first five months of 2012, though real incomes only made significant gains in Newfoundland and Labrador,” APEC senior policy analyst Fred Bergman said in a news release.

N.L leads earnings growth

He added Newfoundland and Labrador led Canada in terms of earnings growth over that period.

“Prince Edward Island also showed strength, posting the highest employment growth in the Atlantic provinces in the first seven months of 2012.”

Bergman said  Newfoundland and Labrador and Prince Edward Island also saw healthy retail spending, which grew faster than the rest of Canada in the first five months of the year.

“However, retail spending was slower than the national rate in Nova Scotia and New Brunswick,” he said.

While exports grew in Newfoundland and Labrador and Prince Edward Island in the first half of the year, Bergman said Atlantic exports could soften in the second half of 2012 due to weakening economic growth.

“Slower growth in emerging markets has contributed to a drop in commodity prices, reducing the value of key Atlantic exports and potentially slowing planned mine expansions in the region,”he said

telegram@thetelegram.com

Organizations: APEC, Economic Council

Geographic location: Newfoundland and Labrador, Prince Edward Island, Atlantic Province Canada Nova Scotia New Brunswick

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  • Dan
    August 17, 2012 - 12:13

    APEC should tell Tom Marshall. Marshall and company were saying the same stuff prior to the election and now their they are preaching a different story. Anyone thinks our province is not doing better than what the PC's are saying have their heads in the sand.