St. John’s releases economic review

The City of St. John’s has released the economic review for 2023.

The St. John’s Census Metropolitan Area economy experienced modest growth last year, with most economic indicators holding steady.

The St. John’s CMA’s economy, excluding oil and gas extraction, is estimated to have increased by 0.8 per cent, driven by increased employment in the public sector and construction activities related to the Terra Nova offloading vessel refit and the West White Rose project. Overall, real GDP decreased slightly due to lower oil production.

The regional population grew again. Household income and retail sales also increased.

Inflation moderated throughout the year. New housing construction decreased by 33.4 per cent.

Employment remained steady with the unemployment rate falling to a seven-year low of 6 per cent, as the labour market continued to tighten throughout the year.

This year, the St. John’s economy is expected to return to growth.