Newfoundland and Labrador is a resource-based economy. The extraction and processing of oil, minerals, fish and forest resources accounted for approximately 25 per cent of gross domestic product ("GDP") in 2016. The geographic location of Newfoundland and Labrador has significantly influenced the development of the economy. Newfoundland and Labrador has a coastline of more than 29,000 kilometres and the importance of the ocean to the economy is witnessed in many industries such as fishing and aquaculture, oil and gas, tourism, transportation and ship building.
While many of the goods and services producing industries are directly or indirectly related to the processing of Newfoundland and Labrador's natural resources such as seafood products, pulp and paper products, and mineral products, the provincial economy also diversified into information age technologies and ocean technologies.
Export of goods is important to the economy of Newfoundland and Labrador; export of goods represented 40 per cent of Newfoundland and Labrador's GDP in 2016. Of international merchandise exports between 50 and 60 per cent are exported to the United States.
Newfoundland and Labrador's economy features the general characteristics of developed economies. However, Newfoundland and Labrador's service sector as a percentage of GDP is lower than that of Canada's due mainly to Newfoundland and Labrador's high-valued oil industry.
The economy of Newfoundland and Labrador is influenced by global economic conditions, particularly demand and prices for commodities such as oil and iron ore. Newfoundland and Labrador's major trading partner is the United States, which comprised about 53 per cent of the value of international exports in 2017. In 2017, Newfoundland and Labrador's GDP at market prices was estimated at $32.4 billion, or 1.5 per cent of Canada's GDP. Compared with the levels for 2016, real GDP at market prices in chained 2007 dollars for Newfoundland and Labrador decreased by 3.4 per cent while GDP in Canada increased by 3.0 per cent in 2017. The total value of exports of goods and services from Newfoundland and Labrador, to international and inter-provincial destinations, in 2016 increased by 3.5 per cent.
The Economic and Project Analysis Division (EPAD) is a division of the Department of Finance. EPAD provides analysis and forecasting of the macroeconomic environment; provision of specific macroeconomic analysis; and demographic analysis and population projections. The division is responsible for forecasting and analyzing revenues and providing a wide range of fiscal and economic inputs into the overall Budget preparation. It also provides assessment of projects, programs, government services, and other economic development initiatives from a business's or proponent's point of view utilizing discounted cashflow, risk analysis, and sensitivity analysis. EPAD is also responsible for the publication of the budget document, The Economy and the midyear review report, The Economic Review.
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