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Showing posts with label wealth. Show all posts

Showing posts with label wealth. Show all posts

Newfoundland's transformation from 'have not' to 'have' is about to become official - all thanks to oil

Wednesday, July 23, 2008 | Labels: labrador, links, newfoundland, oil, wealth | 0 comments »

Last year the province collected $1.5 billion in oil royalties alone, and is expecting at least another $1.7 billion in 2008 - the kind of money that allowed the government to post a huge, $1.4-billion budget surplus this year, an amount equal to five per cent of the province's GDP.

"Scale that up to the size of the national economy and you'd get a $77-billion surplus, nearly four times the highest ever actual federal surplus on record," said a report by the TD Bank in April.

Once an economic misfit, Newfoundland and Labrador was the country's hottest economy in 2007. Its real GDP growth of 9.1 per cent was more than three times the national average.

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