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Real GDP growth is forecast to be 2.0% led by growth in exports and consumer spending. |
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Personal income is expected to grow by 3.0% leading to gains in retail sales of 3.2%. |
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Terra Nova is expected to commence production: oil production should reach 55 million barrels from Terra Nova and Hibernia combined. |
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Review of the White Rose Development Application will continue: the owners hope for project sanction by year end. |
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Depending on the results of ongoing evaluation work, a Development Application may be submitted for the Hebron-Ben Nevis oil project. |
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Review of the Port au Port/Garden Hill Development Application will continue: the owners hope to have first oil in July 2001. |
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Manufacturing shipments are expected to exceed the record value set in 2000. |
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Fisheries landed volume is
expected to grow to 275,000 tonnes. Increased shrimp, scallop, turbot
and yellowtail flounder landings are expected to offset possible
reductions in crab and cod landings. |
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Photo: Department of Tourism, Culture and Recreation
The Royal St. John’s Regatta will celebrate its 175th anniversary in 2001 |
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Newsprint shipments are expected to show marginal growth and prices are expected to remain stable. |
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Iron ore production is expected to grow modestly despite the current economic slowdown in the United States. |
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New mining operations are expected to commence at Hammerdown (gold) and Duck Pond (copper and zinc), adding 150 jobs to the industry once in production. |
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Non-resident tourism is expected to continue to grow for the fifth consecutive year, aided by Receiving the World, the Marconi centennial celebration and increased cruiseship visits. |
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Construction of Phase II of the Trans Labrador Highway will continue. The highway, which is expected to open north to Charlottetown in 2001, will provide significant new economic opportunities in the area. |
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Military activity at CFB Goose Bay is expected to increase further with trial deployments by France, Belgium and Norway; infrastructure investment by the Italian Air Force; and an increased presence of the Royal Canadian Air Force. |
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Employment is expected to grow by 1.1% to 206,900 and the unemployment rate to decline to 16.2%. |
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Population losses are expected to be marginal due to continued declines in net out-migration. |
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Investment is expected to top $3 billion for the third year: an overview of major projects is provided at the end of this report. |
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| Map: Economics and Statistics Branch, Department of Finance |
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