Today’s fiscal update shows strong promise, with economic indicators moving in the right direction. The Liberal Caucus also points to what could be achieved with an additional $1 billion a year and the security of a new deal on the Churchill River.
After a sixth straight year of population growth, retail sales are up, housing starts are strong, employment has increased, and we continue to see some of the lowest unemployment rates in the province’s history. The impact of U.S. tariffs on Newfoundland and Labrador has been less than anticipated, and we are seeing significant growth in real GDP.
“While the unexpected costs of last summer’s wildfire response and health care delivery, combined with lower oil prices, have resulted in a higher deficit, I’m pleased that the Liberal Party handed the Conservative government a strong economy. Strong GDP growth, low unemployment, and increased retail sales and corporate income tax show that the Newfoundland and Labrador economy was on the right track.”
Factors such as oil prices, the Canadian dollar, and natural disasters are beyond our control. Clean, renewable energy sources, such as hydroelectricity, are far less volatile. A new deal with Hydro-Québec to replace the 1969 Churchill contract would not only provide $1 billion a year, 17 years early, but would also create the economic and financial stability that Newfoundland and Labrador deserves.
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