Photo: Gerry Boland Studio 
& Department of Fisheries 
and Aquaculture.
Port-de-Grave fishermen.
(Click on photo to visit Gerry 
Boland Studio)

1999 HIGHLIGHTS

  • Real GDP growth was 5.3%, the strongest among all provinces for the second consecutive year.
     
  • Exports of goods and services increased by 13.1% to a record $5.7 billion, leading to high GDP growth and rising employment.
     
  • Capital investment grew by 21% to a record $3.4 billion. Gains were broadly based with the largest project being Terra Nova.
     
  • Employment grew by 5.5% to 204,900, the highest since 1990. The growth rate was the strongest among all provinces and double the national rate.
     
  • The unemployment rate fell to 16.9%, the lowest since 1990.
     
  • Migration declined throughout the year, helping to stabilize the population level.
     
  • Retail sales grew by 6.9%, driven by employment gains, higher incomes, low interest rates, and rising consumer confidence.
     
  • Hibernia production increased by 53% to 36.4 million barrels. Applying Brent market prices, the estimated production value exceeded $1 billion, more than double the production value in 1998.
     
  • Oil exploration expenditures were estimated at $250 million, almost four times the expenditure in 1998. New offshore exploration land sales totalled a record $192.5 million.
     
  • The volume of fish landings was 258,000 tonnes, the highest since 1992. Records were set for landed value ($518 million) and production value ($1 billion).
     
  • Approximately 408,500 tourists visited the Province by air, automobile and cruise ship––a new record. Key tourism events included the Canada Winter Games and the Soiree ‘99 celebrations.
     
  • Manufacturing shipments increased by 13.1% to a record $1.98 billion.
     
  • Newsprint shipments increased by 27% to 722,000 tonnes as the industry recovered from the Abitibi-Consolidated strike in 1998.
     
  • Lumber production in 1998/99 reached a record high of 110 million board feet.
     
  • Phase I of the Trans Labrador Highway, which included upgrading the Happy Valley-Goose Bay to Labrador City section, was completed.

Photo: Cruiseship Authority of Newfoundland 
and Labrador; City of St. John’s. 
The Norwegian Sky in St. John’s Harbour.

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