PROVINCIAL ECONOMIC PROFILE
Newfoundland and Labrador Economic Overview
$29.2b
GROSS PROVINCE PRODUCT
Growth Rate 2019-24
Province
Growth Rank
-1.4%
13
540,552
POPULATION
Growth Rate 2019-24
Province
Growth Rank
0.5%
12
27,160
BUSINESSES
Growth Rate 2019-24
Province
Growth Rank
0.1%
11
Overview of the Newfoundland And Labrador Economy
In 2024, the province of Newfoundland And Labrador has a population of 540,552, having grown an annualized 0.5% over the five years to 2024, which ranks it 12th out of 13 provinces and territories by growth rate. Newfoundland And Labrador's gross domestic product (GDP) in 2024 reached $29.2b, with growth of -1.4% over the 5 years to 2024. Businesses in Newfoundland And Labrador employed a total of 180,885 people in 2024, with average annual employment growth over the past five years of 1.0%. The top three sectors by total employment are Mining, Real Estate and Rental and Leasing, Healthcare and Social Assistance, while the unemployment rate across the province in 2024 was 11.1%.
What is Newfoundland and Labrador's Gross Domestic Product (GDP)?
In 2024, Newfoundland And Labrador's GDP reached $29.2b, representing an decrease of -1.4% from 2023. Newfoundland And Labrador's GDP has declined at an annualized rate of -0.9% over the five years to 2024. Moreover, Newfoundland And Labrador's trailing five-year GDP growth ranks it 13rd out of 13 provinces and territories.
Provincial GDP is a measurement of a province's output, or the sum of value added from all industries in the province. It is a common indicator used to track the health of a provincial economy.
PROVINCIAL ECONOMIC PROFILE
Newfoundland and Labrador Industry Trends
What are Newfoundland and Labrador's Largest Industries by Revenue?
The largest industries by revenue in Newfoundland And Labrador are Gasoline & Petroleum Wholesaling in Newfoundland, Gasoline & Petroleum Bulk Stations in Newfoundland and Commercial Banking in Newfoundland, which generated $8.3b, $6.0b and $4.2b in 2024.
PROVINCIAL ECONOMIC PROFILE
Top Companies in Newfoundland and Labrador
Top 10 Companies in Newfoundland and Labrador by Employment
The largest companies by employment in Newfoundland And Labrador are Government of Newfoundland and Labrador, Cenovus Energy Inc. and Walmart Inc., which employed 19,800, 5,500 and 3,580 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Newfoundland and Labrador Sector Statistics
In Newfoundland And Labrador, certain sectors drive a higher share of provincial GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Newfoundland and Labrador's GDP by Sector?
The Mining, Real Estate and Rental and Leasing and Healthcare and Social Assistance sectors contributed the most to Newfoundland And Labrador's GDP in 2024, representing a combined 43.7% of provincial GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the provincial economy, in addition to how the provincial economy is evolving over time.
What is Newfoundland and Labrador's Employment by Sector?
The Retail Trade, Healthcare and Social Assistance and Agriculture, Forestry, Fishing and Hunting sectors contributed the most to employment in Newfoundland And Labrador in 2024, representing a combined 47.7% of provincial employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the provincial economy as a whole.
PROVINCIAL ECONOMIC PROFILE
Newfoundland and Labrador Employment Trends
180.9k
EMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
-0.8%
11
11.1%
UNEMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
-1.9%
8
What Employment Trends are Impacting Newfoundland and Labrador's Economy?
The province of Newfoundland And Labrador employs 180,885 people in 2024, which ranks it 9th out of 13 provinces and territories. Employment in Newfoundland And Labrador has grown at an annualized rate of -0.8% over the five years to 2024, underperforming the national average of 1.5%. Major sectors by employment in Newfoundland And Labrador include Retail Trade, Healthcare and Social Assistance and Agriculture, Forestry, Fishing and Hunting, which employed 35,526, 31,477 and 19,352 people in 2024, respectively. Newfoundland And Labrador's unemployment rate is 11.1% in 2024, which ranks it 13rd out of 13 provinces and territories. Newfoundland And Labrador's unemployment rate has trended downwards at a rate of -1.9% over the five years to 2024, overperforming the Canada economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets. You can track unemployment trends in Newfoundland And Labrador, and compare them to the Canadian economy.
$83.6k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
Province
Growth Rank
1.9
12
What is Newfoundland and Labrador's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Newfoundland And Labrador's DPI in 2024 was $83.6k, compared to the Canadian average of $101.1k, which places it 12th out of 13 provinces and territories.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
PROVINCIAL ECONOMIC PROFILE
Newfoundland and Labrador Construction & Building Trends
$23.3m
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
-12.5%
2
$62.8m
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
-6.1%
3
1,028
BUILDING PERMITS
Growth Rate 2019-24
Province
Growth Rank
2.0%
7
What can construction trends tell you about a state’s economy?
In Newfoundland And Labrador, non-residential construction was $23.3m in 2024, which ranks it 2nd out of 13 provinces and territories. Residential construction was $62.8m in 2024, which places Newfoundland And Labrador 3rd out of 13 provinces and territories. The number of building permits issued in Newfoundland And Labrador in 2024 was 1,028, representing a 2.0% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services.Therefore, construction trends are important indicators of the health of an economy.
PROVINCIAL ECONOMIC PROFILE
Newfoundland and Labrador Population Statistics
Which Counties in Newfoundland and Labrador have the Largest Populations?
The counties with the highest populations in Newfoundland And Labrador are St. John's, Mount Pearl and Grand Falls-Windsor, which had populations of 193,400, 0 and 0 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Newfoundland and Labrador Demographics
Education Level Newfoundland And Labrador
Newfoundland and Labrador Province Industry Reports
IBISWorld Province Industry Reports help you quickly understand how an industry performs at the province level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 396 Newfoundland And Labrador Industry Reports.
