- February 01, 2013 - 06:37
I guess the statement made by this gentleman is wrong then, either that or one of you shoud be out of a job. One of the country's top economists is predicting big things this year for Newfoundland and Labrador. CIBC's Avery Shenfeld addressed the St. John's Board of Trade's annual business summit on Thursday morning. He said the province had no overall growth and was the poorest provincial performer for 2012, despite good employment numbers. "2012 was a year where most of the economy did fine, but because of disruptions in energy output and because that sector is so large, it actually makes the overall growth number pretty close to zero," said Shenfeld. "The overall economy looks like it goes from boom to bust in very short order. You see the same sort of thing in Alberta to some extent, and both of those provinces' finance ministers find that a challenge because you're budgeting then with very uncertain revenues from year to year." Predictions for 2013 However, Shenfeld forecasts Newfoundland and Labrador will lead the country in 2013 with 4.4 per cent growth in gross domestic product, largely because offshore oil production will come back to full strength. At Thursday's business show, those in the private sector were smiling. Denis Mahoney, president of the St. John's Board of Trade, said the boom is here.
- Umm Yeah
- November 08, 2012 - 16:52
The economy is predicted to contract 0.4% next year, oh and is doing so in spite of Hebron, Vale and mining. Happy?
- John Smith
- November 02, 2012 - 08:49
Funny that they don't mention the Vale plant, the Hebron GBS, the expanding mining in Labrador, and on the island....all which will add tremendously to employment and growth....