Economy, jobs and prices in Newfoundland and Labrador, Canada: official figures
The economy of Newfoundland and Labrador (gross domestic product at market prices) was worth $42.2 billion in 2024, 1.4% of Canada's $3.11 trillion; 5th smallest of 13 provinces and territories. In current prices it was up 4.6% on 2023.
How fast is the economy of Newfoundland and Labrador growing?
After adjusting for inflation (chained 2017 dollars), real GDP in Newfoundland and Labrador grew 2.7% in 2024, against 2.0% for Canada; 7th fastest-growing of 13 provinces and territories. Over the ten years since 2014 it changed by -2.3%.
Source: Statistics Canada · saved copyDid the economy of Newfoundland and Labrador grow in 2025?
Real GDP at basic prices in Newfoundland and Labrador, from the industry accounts, grew 3.5% in 2025; the fastest-growing of 13 provinces and territories.
Source: Statistics Canada · saved copyWhat is the GDP per capita of Newfoundland and Labrador?
Dividing 2024 GDP by the population on 1 July 2024 (545,080) gives $77,455 of output per resident, against $75,519 for Canada; 6th highest of 13 provinces and territories.
Source: Statistics Canada · saved copyHow much do households in Newfoundland and Labrador spend?
Household spending in Newfoundland and Labrador came to $40,999 per resident in 2024 (Canada: $40,837); 5th highest of 13 provinces and territories. Final consumption spending by governments was equal to 24.9% of GDP (6th lowest share of 13 provinces and territories; Canada: 21.4%).
Source: Statistics Canada · saved copyHow much does Newfoundland and Labrador export?
Exports of goods and services to other countries from Newfoundland and Labrador were worth $15.9 billion in 2024, equal to 37.7% of its GDP; 5th highest share of 13 provinces and territories. Exports to other provinces and territories came to $5.4 billion.
Source: Statistics Canada · saved copyWhat are the main industries in Newfoundland and Labrador?
In 2022, the largest industry in Newfoundland and Labrador's economy was mining, quarrying, and oil and gas extraction (34.9% of GDP at basic prices), followed by real estate and rental and leasing (8.4%) and health care and social assistance (8.2%). The public sector as a whole accounted for 20.4%.
Source: Statistics Canada · saved copyHow important are mining, oil and manufacturing in Newfoundland and Labrador?
Mining, quarrying, and oil and gas extraction made up 34.9% of GDP in Newfoundland and Labrador in 2022 (2nd highest of 13 provinces and territories), and manufacturing 2.8% (4th lowest of 13 provinces and territories).
Source: Statistics Canada · saved copyWhat is the unemployment rate in Newfoundland and Labrador?
The unemployment rate in Newfoundland and Labrador was 9.1% in September 2026 (seasonally adjusted), down 1.4 percentage points from 10.5% a year earlier and against 10.2% in September 2024; the highest of 10 provinces. The Canadian rate was 6.5%.
Source: Statistics Canada · saved copyHow many people are employed in Newfoundland and Labrador?
In September 2026, 246,800 people in Newfoundland and Labrador were employed and 24,600 unemployed, out of a labour force of 271,400. Employment was up 2.4% on a year earlier (4th fastest growth of 10 provinces; Canada: up 0.5%).
Source: Statistics Canada · saved copyWhat is the average weekly wage in Newfoundland and Labrador?
Employees in Newfoundland and Labrador earned an average of $1,317.98 a week including overtime in July 2026 (seasonally adjusted, preliminary), up 1.7% on a year earlier; 6th lowest of 13 provinces and territories. The Canadian average was $1,347.14 (up 3.2%).
Source: Statistics Canada · saved copyHow many payroll jobs are there in Newfoundland and Labrador?
Employers in Newfoundland and Labrador had 218,214 employees on their payrolls in July 2026, up 1.1% on a year earlier; 7th fastest growth of 13 provinces and territories (Canada: up 1.1%).
Source: Statistics Canada · saved copyWhat is the median household income in Newfoundland and Labrador?
The median total income of economic families and people living alone or with non-relatives in Newfoundland and Labrador was $77,300 in 2024, against $86,000 for Canada; 4th lowest of 13 provinces and territories. In constant 2024 dollars it was up 5.2% on 2023.
Source: Statistics Canada · saved copyWhat is the median after-tax income in Newfoundland and Labrador?
After income tax, the median income of families and unattached individuals in Newfoundland and Labrador was $68,000 in 2024 (Canada: $75,500); 4th lowest of 13 provinces and territories.
Source: Statistics Canada · saved copyWhat is the median family income in Newfoundland and Labrador?
Economic families of two or more people in Newfoundland and Labrador had a median total income of $112,600 in 2024 (Canada: $125,600); 4th lowest of 13 provinces and territories.
Source: Statistics Canada · saved copyWhat is the average income in Newfoundland and Labrador?
Average total income of families and unattached individuals in Newfoundland and Labrador was $102,800 in 2024, 33.0% above the median (Canada: average $115,000, 33.7% above the median).
Source: Statistics Canada · saved copyWhat is the inflation rate in Newfoundland and Labrador?
Consumer prices in Newfoundland and Labrador were up 4.7% in the 12 months to September 2026, against 3.1% for Canada and 2.0% in the 12 months to September 2025; 5th highest of 13 provinces and territories.
Source: Statistics Canada · saved copyHow much have prices risen in Newfoundland and Labrador?
Averaged over 2025, the Consumer Price Index for Newfoundland and Labrador rose 1.4% (Canada: 2.1%); 3rd lowest of 13 provinces and territories. Between 2015 and 2025 prices rose 27.3% in total (Canada: 29.7%).
Source: Statistics Canada · saved copyHow fast are food and housing costs rising in Newfoundland and Labrador?
In the 12 months to September 2026, food prices in Newfoundland and Labrador were up 1.5% (Canada: up 2.2%) and shelter costs, which include rent, mortgage interest and utilities, were up 4.5% (Canada: up 1.8%); shelter inflation was 6th lowest of 12 provinces and territories.
Source: Statistics Canada · saved copyAre transportation costs rising in Newfoundland and Labrador?
Transportation prices, including vehicles, fuel and public transit, were up 11.6% in Newfoundland and Labrador in the 12 months to September 2026 (Canada: up 8.4%).
Source: Statistics Canada · saved copyHow much did housing costs rise in Newfoundland and Labrador in 2025?
Averaged over 2025, shelter costs in Newfoundland and Labrador rose 3.6% (Canada: 3.0%).
Source: Statistics Canada · saved copyHow Newfoundland and Labrador compares with other provinces
Gross domestic product, 2024 (current prices) (2024)
Newfoundland and Labrador ranks 9 of 13, highest first.
| Rank | Region | Gross domestic product, 2024 (current prices) |
|---|---|---|
| 6 | Manitoba | $96.1 billion |
| 7 | Nova Scotia | $65.3 billion |
| 8 | New Brunswick | $48.3 billion |
| 9 | Newfoundland and Labrador | $42.2 billion |
| 10 | Prince Edward Island | $10.9 billion |
| 11 | Nunavut | $5.7 billion |
| 12 | Northwest Territories | $5.1 billion |
GDP per resident, 2024 (GDP / population on 1 July) (2024)
Newfoundland and Labrador ranks 6 of 13, highest first.
| Rank | Region | GDP per resident, 2024 (GDP / population on 1 July) |
|---|---|---|
| 3 | Alberta | $96,686 |
| 4 | Yukon | $91,207 |
| 5 | Saskatchewan | $90,619 |
| 6 | Newfoundland and Labrador | $77,455 |
| 7 | British Columbia | $75,821 |
| 8 | Ontario | $74,394 |
| 9 | Quebec | $68,665 |
Real GDP growth, 2024 (chained 2017 dollars) (2024)
Newfoundland and Labrador ranks 7 of 13, highest first.
| Rank | Region | Real GDP growth, 2024 (chained 2017 dollars) |
|---|---|---|
| 4 | Alberta | 3.0% |
| 5 | Saskatchewan | 3.0% |
| 6 | New Brunswick | 2.7% |
| 7 | Newfoundland and Labrador | 2.7% |
| 8 | Quebec | 1.7% |
| 9 | Manitoba | 1.7% |
| 10 | Ontario | 1.6% |
Real GDP growth at basic prices, 2025 (2025)
Newfoundland and Labrador ranks 1 of 13, highest first.
| Rank | Region | Real GDP growth at basic prices, 2025 |
|---|---|---|
| 1 | Newfoundland and Labrador | 3.5% |
| 2 | Prince Edward Island | 2.8% |
| 3 | Alberta | 2.7% |
| 4 | Nova Scotia | 2.3% |
| 5 | Saskatchewan | 2.2% |
| 6 | British Columbia | 2.0% |
| 7 | New Brunswick | 2.0% |
Unemployment rate, September 2026 (seasonally adjusted) (September 2026)
Newfoundland and Labrador ranks 1 of 10, highest first. Provinces only: territorial estimates are three-month moving averages from a separate survey design.
| Rank | Region | Unemployment rate, September 2026 (seasonally adjusted) |
|---|---|---|
| 1 | Newfoundland and Labrador | 9.1% |
| 2 | New Brunswick | 7.4% |
| 3 | Prince Edward Island | 7.3% |
| 4 | Ontario | 7.0% |
| 5 | British Columbia | 6.4% |
| 6 | Alberta | 6.4% |
| 7 | Nova Scotia | 6.3% |
Labour force participation rate, September 2026 (September 2026)
Newfoundland and Labrador ranks 10 of 10, highest first. Provinces only.
| Rank | Region | Labour force participation rate, September 2026 |
|---|---|---|
| 4 | Manitoba | 66.4% |
| 5 | Ontario | 64.6% |
| 6 | British Columbia | 64.6% |
| 7 | Quebec | 63.7% |
| 8 | Nova Scotia | 62.2% |
| 9 | New Brunswick | 60.2% |
| 10 | Newfoundland and Labrador | 57.1% |
Average weekly earnings, July 2026 (all employees, seasonally adjusted) (July 2026)
Newfoundland and Labrador ranks 8 of 13, highest first.
| Rank | Region | Average weekly earnings, July 2026 (all employees, seasonally adjusted) |
|---|---|---|
| 5 | Ontario | $1,391.19 |
| 6 | British Columbia | $1,356.78 |
| 7 | Saskatchewan | $1,325.24 |
| 8 | Newfoundland and Labrador | $1,317.98 |
| 9 | Quebec | $1,279.96 |
| 10 | New Brunswick | $1,261.88 |
| 11 | Nova Scotia | $1,228.91 |
Change in payroll employment, 12 months to July 2026 (July 2026)
Newfoundland and Labrador ranks 7 of 13, highest first.
| Rank | Region | Change in payroll employment, 12 months to July 2026 |
|---|---|---|
| 4 | New Brunswick | 2.7% |
| 5 | Alberta | 2.1% |
| 6 | Manitoba | 2.1% |
| 7 | Newfoundland and Labrador | 1.1% |
| 8 | British Columbia | 1.1% |
| 9 | Nova Scotia | 0.9% |
| 10 | Ontario | 0.9% |
Median total income, economic families and persons not in an economic family, 2024 (2024)
Newfoundland and Labrador ranks 10 of 13, highest first. In 2024 constant dollars.
| Rank | Region | Median total income, economic families and persons not in an economic family, 2024 |
|---|---|---|
| 7 | Saskatchewan | $85,600 |
| 8 | Manitoba | $81,900 |
| 9 | Quebec | $79,000 |
| 10 | Newfoundland and Labrador | $77,300 |
| 11 | Prince Edward Island | $75,300 |
| 12 | Nova Scotia | $73,500 |
| 13 | New Brunswick | $73,000 |
Median after-tax income, economic families and persons not in an economic family, 2024 (2024)
Newfoundland and Labrador ranks 10 of 13, highest first. In 2024 constant dollars.
| Rank | Region | Median after-tax income, economic families and persons not in an economic family, 2024 |
|---|---|---|
| 7 | Saskatchewan | $75,500 |
| 8 | Manitoba | $72,000 |
| 9 | Quebec | $68,800 |
| 10 | Newfoundland and Labrador | $68,000 |
| 11 | Prince Edward Island | $65,900 |
| 12 | New Brunswick | $65,100 |
| 13 | Nova Scotia | $64,200 |
Median total income of economic families (two or more people), 2024 (2024)
Newfoundland and Labrador ranks 10 of 13, highest first. In 2024 constant dollars.
| Rank | Region | Median total income of economic families (two or more people), 2024 |
|---|---|---|
| 7 | Quebec | $120,800 |
| 8 | Saskatchewan | $120,600 |
| 9 | Manitoba | $113,600 |
| 10 | Newfoundland and Labrador | $112,600 |
| 11 | Prince Edward Island | $110,600 |
| 12 | Nova Scotia | $108,500 |
| 13 | New Brunswick | $105,900 |
Consumer price inflation, 12 months to September 2026 (September 2026)
Newfoundland and Labrador ranks 5 of 13, highest first. Territories: the capital city index (Whitehorse, Yellowknife, Iqaluit).
| Rank | Region | Consumer price inflation, 12 months to September 2026 |
|---|---|---|
| 2 | Prince Edward Island | 5.7% |
| 3 | Nova Scotia | 5.6% |
| 4 | New Brunswick | 5.0% |
| 5 | Newfoundland and Labrador | 4.7% |
| 6 | Northwest Territories | 4.7% |
| 7 | Manitoba | 4.4% |
| 8 | Alberta | 3.6% |
Consumer price inflation, 2025 annual average (2025)
Newfoundland and Labrador ranks 11 of 13, highest first. Territories: the capital city index (Whitehorse, Yellowknife, Iqaluit).
| Rank | Region | Consumer price inflation, 2025 annual average |
|---|---|---|
| 7 | Nova Scotia | 2.1% |
| 8 | Alberta | 2.0% |
| 9 | Ontario | 1.9% |
| 10 | New Brunswick | 1.7% |
| 11 | Newfoundland and Labrador | 1.4% |
| 12 | Prince Edward Island | 1.4% |
| 13 | Nunavut | 0.8% |
Shelter price inflation, 12 months to September 2026 (September 2026)
Newfoundland and Labrador ranks 7 of 12, highest first. Territories: the capital city index (Whitehorse, Yellowknife, Iqaluit).
| Rank | Region | Shelter price inflation, 12 months to September 2026 |
|---|---|---|
| 4 | Northwest Territories | 6.2% |
| 5 | New Brunswick | 5.4% |
| 6 | Manitoba | 4.6% |
| 7 | Newfoundland and Labrador | 4.5% |
| 8 | Quebec | 3.2% |
| 9 | Saskatchewan | 2.4% |
| 10 | British Columbia | 2.1% |
More on Newfoundland and Labrador: overview · health · education and schools · poverty and living standards · government budget · Canada
Sources
- Statistics Canada: Table 11-10-0190-01: Market income, government transfers, total income, income tax and after-tax income by economic family type (Canadian Income Survey; Web Data Service extract), read 23 October 2026 · saved copy (SHA-256 d77937164295…)
- Statistics Canada: Table 18-10-0004-01: Consumer Price Index, monthly, not seasonally adjusted (Web Data Service extract: all-items, food, shelter, transportation), read 23 October 2026 · saved copy (SHA-256 a99a4ffcbbea…)
- Statistics Canada: Table 18-10-0005-01: Consumer Price Index, annual average, not seasonally adjusted (Web Data Service extract), read 23 October 2026 · saved copy (SHA-256 5e17cf9acf05…)
- Statistics Canada: Table 36-10-0222-01: Gross domestic product, expenditure-based, provincial and territorial, annual (x 1,000,000), read 23 October 2026 · saved copy (SHA-256 438e0832790b…)
- Statistics Canada: Table 36-10-0711-01: Gross domestic product (GDP) at basic prices, by industry, provinces and territories (Web Data Service extract: all industries and sectors), read 23 October 2026 · saved copy (SHA-256 c16d19ffb999…)
- Statistics Canada: Table 14-10-0287-01: Labour force characteristics, monthly, seasonally adjusted (Web Data Service extract: provinces, 15 years and over), read 23 October 2026 · saved copy (SHA-256 4f433c7e7221…)
- Statistics Canada: Table 14-10-0223-01: Employment and average weekly earnings (including overtime) for all employees by province and territory, monthly, seasonally adjusted (Web Data Service extract: industrial aggregate excluding unclassified businesses), read 23 October 2026 · saved copy (SHA-256 fd47541913f5…)
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