Newfoundland and Labrador’s economic growth is expected to surpass all other provinces by year-end, according to the Royal Bank of Canada’s (RBC) provincial outlook for September, a government news release notes.
RBC credits a rebound in the oil and gas industry and improving conditions for large-scale mining projects for pushing the province’s economy to the top of provincial rankings.
“This assessment by RBC confirms the continued economic growth and prosperity our province is enjoying,” Finance Minister Jerome Kennedy said.
“Our government is committed to responsible fiscal management, sustainable resource development, and fostering innovative industries, and we are continuing on our course toward a sustainable future for all Newfoundlanders and Labradorians.”
The RBC report puts the forecast for Newfoundland and Labrador real GDP at six per cent in 2013, ahead of Alberta (3.2 per cent), Saskatchewan (2.7 per cent), and Manitoba (2.5 per cent), with all other provinces to be below the national average of 1.8 per cent.
“Increased oil production, and progress in the mining sector, when compared to last year’s slowdowns, is credited with prompting this 2013 growth,” Kennedy said. “The assessment provided by RBC is encouraging, as we look forward to sustaining this success in to 2014, with a further 1.3 per cent forecasted growth.”