Photo: The Department of 
Tourism, Culture and Recreation. 

Iceberg along the Labrador coast.

 

 

 

 

Photo: The Department of 
Tourism, Culture and Recreation, 
Wayne Sturge. 

Viking ship at L’Anse aux Meadows 
National Historic Park.

2000 EXPECTATIONS

  • Real GDP growth is forecast at 4.7%, led by increased oil production and stronger markets for some commodities.
     
  • Employment is expected to grow by 2.8% and the unemployment rate will decline to 15.9%.
     
  • Population is expected to stabilize at about 541,000 and net out-migration will continue to decline.
     
  • Retail sales are forecast to grow by 5.1% due to higher incomes and reduced personal income taxes.
     
  • Total capital investment is projected to decline by 7.4% but construction activity is expected to remain at a high level. Housing investment is expected to increase by 5.7%.
     
  • Construction on the Terra Nova project will continue in preparation for first production in 2001.
     
  • Hibernia production will increase by 36% to about 50 million barrels.
     
  • Development Plan Applications are expected to be submitted for the White Rose and Port au Port fields.
     
  • The volume of fish landings is expected to be on par with 1999 and markets are expected to remain strong for most species.
     
  • Tourism will likely experience its best year ever. The number of visitors is expected to grow for the fourth consecutive year, led by the Vikings! 1000 Years celebrations.
     
  • The value of manufacturing shipments is expected to exceed $2 billion for the first time.
     
  • The volume of newsprint shipments should near 1997 record levels, aided by stronger markets.
     
  • The value of mineral shipments is projected to recover to near 1998 levels due to increased production of iron ore and gold.
     
  • Newfoundland and Labrador Hydro and Hydro-Québec are expected to sign a Memorandum of Understanding, formally signalling the start of a new hydroelectric development on the Churchill River.
     
  • Ongoing construction on Phase II of the Trans Labrador Highway will provide road access from Red Bay as far north as Mary’s Harbour.

Photo: Gerry Boland Studio & Department of Fisheries and Aquaculture. 
St. Anthony Seafoods northern shrimp processing plant and Chianti Food Processors Incorporated squid processing plant. (Click on photo to visit Gerry Boland Studio)


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