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Real Gross Domestic Product (GDP) growth in 2000 was 5.3%. Growth was led by gains in exports and consumption. |
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Personal income grew by 3.7%, the strongest growth since 1991. |
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Retail sales grew by 6.4%, aided by tax cuts, wage gains, and strong consumer and business confidence. |
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Exports grew to a record $8.2 billion. Growth was primarily driven by increased oil and iron ore production, and higher market prices for crude and refined oil. |
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Hibernia oil production increased by 45% to 52.8 million barrels. Production value was estimated at $2.23 billion. |
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Construction on the Terra Nova oil project continued. The project employed an average of 1,900 people in 2000. |
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The White Rose Development Application was prepared and the front-end engineering contract for the floating production vessel was awarded to a St. John’s company. |
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A Development Application was submitted for the Port au Port/Garden Hill onshore oil and gas project. |
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Boosted by Terra Nova construction, capital investment exceeded $3.2 billion for the second consecutive year. |
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Manufacturing shipments exceeded $2 billion for the first time ever. Shipment value increased by 7.9% from 1999 to reach $2.14 billion. |
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Photo: Gordon C. Slade
View of the Battle Harbour Inn, Labrador |
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The volume of fish landings declined marginally from 1999. However, landed value reached a record $580.7 million, and production value exceeded $1 billion for the second consecutive year. |
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Newsprint shipments reached a record 807,800 tonnes. Higher volume and market prices allowed shipment value to grow to $676 million. |
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The value of mineral shipments grew to $972 million, driven by increased iron ore production. |
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Iron ore production grew by 16.9% to its highest level since 1981. |
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Aided by the Vikings! 1000 Years
celebrations and increased Gulf ferry capacity, non-resident tourism totalled a record 426,250. |
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Construction of the Trans Labrador Highway from Red Bay to Cartwright continued. The Highway opened north to Mary’s Harbour. |
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Military activity increased at CFB Goose Bay with the arrival of the Italian Air Force. The number of low level flight training exercises was at its highest level since 1996. |
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The unemployment rate declined to 16.7%, the lowest rate since 1990. Employment, for the most part, remained stable. |
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Net migration from the Province continued to slow. Population losses last year were the smallest since 1993. |
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Three customer contact centre companies announced that they would establish operations in the Province, creating over 1,500 jobs. |
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Photo: Ben Hammett
Children at play |
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