Though mining and oil extraction have eclipsed logging, forestry, fishing and manufacturing as Newfoundland and Labrador’s biggest GDP contributors, those traditional industrial stalwarts are still prominent economic drivers.
Back in 1992, Newfoundland and Labrador’s total provincial GDP was $8.2 billion – $747 million of which came from agriculture, forestry, fishing, trapping and manufacturing. Just over 20 years later, those sectors have decreased as a percentage of GDP contribution, but they’ve actually increased in dollar value by 86%.
Though market prices for many species declined in 2013, the value of total production (capture fisheries and aquaculture) increased by 8 per cent over 2012. In other words, prices were down but yields were up.
Value Adds Up
Manufacturing is the process of adding value through processing, fabrication, assembly and/or packaging. As the following stats show, the transformation from raw material to packaged product comes with real economic benefits.