Photo: Gerry Boland
Studio
& Department of Fisheries
and Aquaculture.
Port-de-Grave fishermen.
(Click on photo to visit Gerry
Boland Studio)
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1999 HIGHLIGHTS
- Real GDP growth was 5.3%, the strongest among all provinces for the
second consecutive year.
- Exports of goods and services increased by 13.1% to a record $5.7
billion, leading to high GDP growth and rising employment.
- Capital investment grew by 21% to a record $3.4 billion. Gains were
broadly based with the largest project being Terra Nova.
- Employment grew by 5.5% to 204,900, the highest since 1990. The
growth rate was the strongest among all provinces and double the
national rate.
- The unemployment rate fell to 16.9%, the lowest since 1990.
- Migration declined throughout the year, helping to stabilize the
population level.
- Retail sales grew by 6.9%, driven by employment gains, higher
incomes, low interest rates, and rising consumer confidence.
- Hibernia production increased by 53% to 36.4 million barrels.
Applying Brent market prices, the estimated production value exceeded
$1 billion, more than double the production value in 1998.
- Oil exploration expenditures were estimated at $250 million, almost
four times the expenditure in 1998. New offshore exploration land
sales totalled a record $192.5 million.
- The volume of fish landings was 258,000 tonnes, the highest since
1992. Records were set for landed value ($518 million) and production
value ($1 billion).
- Approximately 408,500 tourists visited the Province by air,
automobile and cruise ship––a new record. Key tourism events
included the Canada Winter Games and the Soiree ‘99 celebrations.
- Manufacturing shipments increased by 13.1% to a record $1.98
billion.
- Newsprint shipments increased by 27% to 722,000 tonnes as the
industry recovered from the Abitibi-Consolidated strike in 1998.
- Lumber production in 1998/99 reached a record high of 110 million
board feet.
- Phase I of the Trans Labrador Highway, which included upgrading the
Happy Valley-Goose Bay to Labrador City section, was completed.
Photo: Cruiseship Authority of
Newfoundland
and Labrador; City of St. John’s.
The Norwegian Sky in St. John’s Harbour.
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