Highlights of the latest RBC Economics forecast for Newfoundland and Labrador in 2010:
- Real GDP to grow at 3.3% for the year, down from the 4.1% forecast in June.
- Offshore oil production down 3.2% year-to-date to June.
- Non-residential capital construction to form basis of growth in medium term.
- Oil royalties expected to reach 40% of provincial government revenues in 2010, potentially supporting increase in public sector employment. RBC states that public sector represents 30% of employment in the province.
- Real GDP growth of 3.3% forecast for 2011, up from previous forecast of 2.3%
And for the national comparison:
- Saskatchewan will lead the country in real GDP growth with 2010 and 2011.
- NL is middle of the pack for 2010 and third in 2011 for GDP growth.
- NL has recovered less than 60% of the jobs lost since the recession. Quebec has recovered 140% and Nova Scotia has recovered about 100%.
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