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.
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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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