Economic Review 2018 Released by City
Economic performance in the St. John’s Census Metropolitan Area (CMA), as measured by real gross domestic product (GDP, increased by 1.0% to $17.1 billion in 2018 primarily due to an increase in oil production. Offshore oil production increased by 5.1% to 84.7 million barrels in 2018 as a full year of Hebron production offset declines at Hibernia and White Rose. Excluding the oil and gas industry, the CMA’s real GDP is estimated to have declined by 2.2%.
“In the labour market we saw employment gains in both the goods and service sector last year,” noted Deputy Mayor O’Leary, Council Lead for Economic Development, Tourism and Culture. “There was also a slight increase in population from both natural population growth and net immigration to the metro area.”
In 2019, due to further increases in oil production, GDP is expected to increase however, other indicators such as employment, household income and housing starts may be more subdued.
Additional information available in the annual economic review includes labour market data; household income, retail sales and housing starts; population information; and the full economic outlook for 2019.
Note: The St. John’s Census Metropolitan Area (CMA) is a Statistics Canada geographically defined area including St. John’s and neighbouring communities. Data prepared by Government of Newfoundland and Labrador, Department of Finance (Economic Research and Analysis Division) and the City of St. John’s.