Employment is up, household income is up, population is up, and inflation has eased.
The deficit and net debt is up for Newfoundland and Labrador but Finance Minister Siobhan Coady says government is meeting expectations fiscally and exceeding expectations economically. Employment is up, household income is up, population is up, and inflation has eased. However, net debt is up from the spring’s $17.8 billion to yesterday’s, $18.3 billion. The deficit has grown to $218 million from $152 million earlier this year. Real Gross Domestic Product is expected to grow by 3.3 per cent, driven by strong consumer spending. The annual unemployment rate is forecast to be at 10.5 percent – a near historical low. Inflation has declined to 2.1 per cent over the January to September period, compared to 2.6 percent nationally. Revenues have decreased by $164 million largely due a reduction in oil royalties because of lower production and a slightly lower oil price, partially offset by a lower exchange rate. Retail sales are expected to remain strong, increasing by 5.1 per cent; up from 2.8 per cent, housing starts are up significantly through the first three quarters of the year, and home sales are also above last year’s levels through September.
Pasadena woman caught at a traffic stop in Corner Brook with cocaine on Wednesday night
Government looks for public input on changes to the Highway Traffic Act
Rugby returns to the NL Summer Games underway in Corner Brook after a three decades absence
Registration is open for the first West Coast Business and Investment Summit
Corner Brook business offering meals for those in need this Tibbs Eve
