A recent report from Memorial University outlines just how much of an effect Newfoundland and Labrador’s oil boom has had on the province’s productivity growth.
The study, conducted by Ottawa’s Centre for the Study of Living Standards and funded by the Department of Economics, through its Collaboration for Applied Research in Economics initiative, found
that Real GDP in the province’s business sector increased at nearly twice the rate of Canada’s (4.55% per year in N.L., compared with 2.50% nationally) between 1997 and 2010.
The study found that nearly 70% of additional nominal output in Newfoundland and Labrador from 1997 to 2010 is due to the mining and oil and gas extraction sector, which, in 2010, represented 50.4% of the province’s business sector’s output, compared with 8.2% in 1997.
For More on the August Update from the City of St. John’s, CLICK HERE
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