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Newfoundland and Labrador GDP down 2.7 per cent: Stats Can

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Only province to see a decline in 2018

ST. JOHN'S, N.L. —

Newfoundland and Labrador was the only Canadian province or territory to see its real gross domestic product (GDP) fall in 2018.

According to information released by Statistics Canada, whereas all the other province experienced an increased and the national GDP climbed 2 per cent, the figure in this province fell 2.7 per cent.

Goods-producing industries decreased 5.9 per cent while service-producing industries felt the first decline in 20 years, dropped .2 per cent.

Stats Can reports that while oil and gas engineering construction declined for a fourth straight year, oil and gas extraction ramped up 5 per cent, thanks largely to increased production at the Hebron oil field.

Other notable numbers:

  • Public sector up 1.5 per cent
  • Manufacturing up 4.1 per cent
  • Machinery manufacturing up 14 per cent
  • Electric power general and power transmission up 4.2 per cent
  • Retail trade drop 4.1 per cent with declines in nine of 12 subsectors
  • Transportation and warehousing down 2.8 per cent
  • Seafood product prep and packaging down 16.3 per cent
  • Fishing, hunting and trapping industry down 11.3 per cent

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