NL Economy Strong in Economic Council's Spring Update

The Atlantic Province’s Economic Council’s Spring Update finds that the economy in the region is off to a good start in 2023.

Patrick Brannon, senior researcher with APEC, says employment growth in Newfoundland and Labrador exceeds the national average. The province is almost down to single-digit unemployment with the current rate of 10.1 per cent.

The population of Newfoundland and Labrador grew by over 9,000 last year, another positive sign.

On the other side of the coin, the stalemate in the crab fishery means that one of our largest exports stays in the water.

Brannon says the fishery as a whole accounts for about one per cent of NL’s GDP—not a massive amount but still very important, especially in rural areas.

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