The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Deputy Premier and Minister of Finance:

Speaker, I am pleased to share that Newfoundland and Labrador is expecting one of the highest rates of economic growth forecast for 2024 among all the provinces in this country.

Real GDP is forecast to increase by 5.1 per cent.

Total employment is forecast to increase by 2,100 jobs.

The seasonally adjusted unemployment rate in April was 9.1 per cent, one of the lowest rates recorded in recent history.

Household income is expected to increase by 4.9 per cent, meaning more buying power for residents.

We forecast retail sales increasing 2.8 per cent, and new motor vehicle sales continue to grow with a year-to-date increase of 22 per cent.

Capital investment is expected to increase by 3 per cent to $9.6 billion.

We have well surpassed our population targets for 2026, welcoming more than 5,400 permanent residents in the last year and we expect similar numbers to join us this year.

Housing starts are expected to increase, and early data indicates significant year-to-date growth, with over twice the number of starts in this first quarter compared to the same period last year.

Home sales increased 3.1 per cent on a year-to-date basis through April.

Inflation is decreasing, averaging 2.5 per cent during the first four months of this year.

Speaker, The Economy document, available on government’s website and released through our budget process, forecasts continued strength, growth and optimism this fiscal year.

Thank you.