Province paving its way to economic growth

Staff ~ The Telegram
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The Newfoundland and Labrador economy is expected to grow by four per cent this year, according to a report released today by BMO Capital Markets Economics.
The bank forecast is also predicting the provincial economy will grow by 2.8 per cent in 2011.
Driving much of that growth will be the construction industry - thanks mostly to the provincial government's infrastructure program that includes building roads and bridges.
"Government infrastructure spending will total about $1 billion in fiscal 2010-11, helping boost total capital spending an expected 23 per cent in 2010," said Robert Kavcic, economist for BMO Capital Markets.
"Provincial government infrastructure spending will amount to more than $5 billion over the next several years, keeping the economic fuel burning into 2011."
Last year, the provincial economy shrank by 10.2 per cent - the worst economic performance of any province in the country.

Organizations: BMO, Capital Markets

Geographic location: Newfoundland and Labrador

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