TORONTO, Oct. 13 /CNW/ - Newfoundland and Labrador is expected to grow by 4.7 per cent in 2006 and four per cent in 2007, slipping into third place among the provincial growth leaders in 2006 and second in 2007, according to economic activity into next year," said Craig Wright, vice-president and chief economist, RBC.
"Instead of being the fastest growing economy this year, we now think the province will rank third behind Alberta and B.C. and then move into second place behind Alberta in 2007.
" According to the report, with both White Rose and Voisey's Bay in their first full year of production, Newfoundland and Labrador should have surged to first place on growth this year. Instead, technical problems at Terra Nova However, the shut down at Terra Nova will be a short-lived blemish in a Canada. Now that construction work is completed at Voisey's Bay and White Rose, non-residential construction should continue to soften markedly, and a continued lack of jobs is expected to keep unemployment high.
As a result, housing markets continue to cool, with housing starts down 12 per cent this year compared to a year ago, and year-to-date annual house price growth For the overall Canadian economy, RBC has revised its 2006 growth the provinces. Alberta and British Columbia are now in first and second place respectively, bumping Newfoundland and Labrador to third place for growth in growth, retail sales, housing starts and the Consumer Price Index. According to the report (available online as of 8 a.
m. E.D.
T.
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