A Detailed Analysis of Newfoundland and Labrador's Productivity Performance, 1997-2010: The Impact of the Oil Boom

• Main Authors: Andrew Sharpe, Etienne Grand'Maison
• Format: Report
• Language: unknown
• Subjects: Newfoundland
• Online Access: http://www.csls.ca/reports/csls2013-05.pdf

Propelled by the mining and oil and gas sector, Newfoundland and Labrador’s economy experienced impressive growth in the past decade. During the 1997-2010 period, real GDP in the province's business sector increased at nearly twice the rate of Canada's, while the province's labour productivity growth was more than three times greater than Canada's. This report provides a detailed analysis of Newfoundland and Labrador's labour, capital and multifactor productivity performance and the factors behind this performance. It identifies the province’s shift to high-productivity oil extraction activities as the main factor responsible for this remarkable productivity growth while also discussing the positive spill-over effects that this shift has had on Newfoundland and Labrador's economy as a whole.