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Canada Province economic profile
Newfoundland And Labrador - Economic Profile
Statistics, economic information and rankings for this Atlantic province
In 2026, the province of Newfoundland And Labrador has a population of 554,590, having grown an annualized 1.0% over the five years to 2026, which ranks it 12th out of 13 provinces and territories by growth rate. Newfoundland And Labrador's gross domestic product (GDP) in 2026 reached $29.9b, with growth of -0.2% over the 5 years to 2026. Businesses in Newfoundland And Labrador employed a total of 199,971 people in 2026, with average annual employment growth over the past five years of 2.6%. The top three sectors by total employment are Mining, Healthcare & Social Assistance in Canada, Real Estate & Rental & Leasing in Canada, while the unemployment rate across the province in 2026 was 12.1%.
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Province economic profile
Newfoundland And Labrador Economic Overview
$29.9b
Gross province product
554,590
Population
27,728
Businesses
Province economic profile
Newfoundland And Labrador Industry Trends
Learn about current trends affecting the most significant industries for Newfoundland And Labrador's province economy, down to the county level. 91¶¶Òù offers provincial industry research reports across all 13 provinces and territories, including 394 industries in Newfoundland And Labrador.
What are Newfoundland And Labrador's Largest Industries by Revenue?
The largest industries by revenue in Newfoundland And Labrador are Commercial Banking in Newfoundland, Gasoline & Petroleum Wholesaling in Newfoundland and Hospitals in Newfoundland, which generated $7.2b, $6.1b and $5.4b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Commercial Banking in Newfoundland | $7.2b |
| 2. | Gasoline & Petroleum Wholesaling in Newfoundland | $6.1b |
| 3. | Hospitals in Newfoundland | $5.4b |
| 4. | Gasoline & Petroleum Bulk Stations in Newfoundland | $4.5b |
| 5. | New Car Dealers in Newfoundland | $2.8b |
| 6. | Electric Power Transmission in Newfoundland | $2.5b |
| 7. | Petroleum Refining in Newfoundland | $2.0b |
| 8. | Fishing in Newfoundland | $1.9b |
| 9. | Supermarkets & Grocery Stores in Newfoundland | $1.8b |
| 10. | Iron Ore Mining in Newfoundland | $1.5b |
Province economic profile
Top Companies in Newfoundland And Labrador
Learn about current trends affecting the top companies in Newfoundland And Labrador.
Top 10 Companies Headquartered in Newfoundland And Labrador by Employment
The largest companies by employment in Newfoundland And Labrador are Government of Newfoundland and Labrador, Cenovus Energy Inc. and Memorial University, which employed 19,800, 5,000 and 3,500 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | Government of Newfoundland and Labrador | 19,800 | 9.9% |
| 2. | Cenovus Energy Inc. | 5,000 | 2.5% |
| 3. | Memorial University | 3,500 | 1.8% |
| 4. | Rio Tinto | 2,887 | 1.4% |
| 5. | Walmart | 2,702 | 1.4% |
| 6. | Tim Hortons | 1,433 | 0.7% |
| 7. | Mcdonald’s corporation | 1,170 | 0.6% |
| 8. | Verafin Inc. | 797 | 0.4% |
| 9. | Home Depot | 165 | 0.1% |
| 10. | Best Buy | 100 | 0.1% |
Province economic profile
Newfoundland And Labrador Sector Statistics
In Newfoundland And Labrador, certain sectors drive a higher share of provincial GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Newfoundland And Labrador's GDP by Sector?
The Mining, Healthcare & Social Assistance in Canada and Real Estate & Rental & Leasing in Canada sectors contributed the most to Newfoundland And Labrador's GDP in 2026, representing a combined 42.2% of provincial GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the provincial economy, in addition to how the provincial economy is evolving over time.
What is Newfoundland And Labrador's Employment by Sector?
The Healthcare & Social Assistance in Canada, Retail Trade and Manufacturing sectors contributed the most to employment in Newfoundland And Labrador in 2026, representing a combined 49.7% of provincial employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the provincial economy as a whole.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Healthcare & Social Assistance in Canada | 47,634 | 104.0% | 12.7% |
| Retail Trade | 33,058 | 0.6% | -0.1% |
| Manufacturing | 18,397 | 0.5% | -3.0% |
| Accommodation & Food Services in Canada | 16,680 | 1.2% | 6.7% |
| Agriculture, Forestry, Fishing & Hunting in Canada | 16,490 | 4.5% | 1.6% |
| Transportation & Warehousing in Canada | 8,961 | 7.2% | -2.7% |
| Wholesale Trade | 8,420 | -0.7% | 0.0% |
| Construction | 8,387 | 0.2% | -0.1% |
| Professional, Scientific & Technical Services in Canada | 7,697 | 1.2% | 2.2% |
| Educational Services | 6,313 | 1.0% | 5.1% |
| Finance & Insurance in Canada | 6,302 | -0.4% | -1.3% |
| Administration, Business Support & Waste Management Services | 5,243 | -0.6% | -0.4% |
| Utilities | 4,289 | -0.2% | 1.0% |
| Mining | 2,870 | -11.2% | 0.2% |
| Other Services (except Public Administration) | 2,681 | 1.6% | 0.2% |
| Information | 2,467 | 2.6% | 0.4% |
| Arts, Entertainment & Recreation in Canada | 2,233 | 6.7% | 4.7% |
| Real Estate & Rental & Leasing in Canada | 1,377 | 0.6% | 0.3% |
Province economic profile
Newfoundland And Labrador Employment Trends
200.0k
Employment
12.1%
Unemployment
What Employment Trends are Impacting Newfoundland And Labrador?
The province of Newfoundland And Labrador employs 199,971 people in 2026, which ranks it 9th out of 13 provinces and territories. Employment in Newfoundland And Labrador has grown at an annualized rate of 2.7% over the five years to 2026, overperforming the national average of 1.6%. Major sectors by employment in Newfoundland And Labrador include Healthcare & Social Assistance in Canada, Retail Trade and Manufacturing, which employed 47,634, 33,058 and 18,397 people in 2026, respectively. Newfoundland And Labrador's unemployment rate is 12.1% in 2026, which ranks it 13th out of 13 provinces and territories. Newfoundland And Labrador's unemployment rate has trended downwards at a rate of -1.6% over the five years to 2026, overperforming the Canada economy as a whole.
Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Newfoundland And Labrador, and compare them to the Canada economy, using the chart below.
$89.6k
Per capita disposable income
What is Newfoundland And Labrador's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Newfoundland And Labrador's DPI in 2026 was $89.6k, compared to the Canadian average of $120.6k, which places it 12th out of 13 provinces and territories.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Newfoundland And Labrador's per capita disposable income, and compare it to the Canadian average, using the chart below.
Province economic profile
Newfoundland And Labrador Construction & Building Trends
$24.1m
Nonresidential construction
$98.4m
Residential construction
1,299
Building permits
What can construction trends tell you about a province’s economy?
In Newfoundland And Labrador, non-residential construction was $24.1m in 2026, which ranks it 1st out of 13 provinces and territories. Residential construction was $98.4m in 2026, which places Newfoundland And Labrador 2nd out of 13 provinces and territories. The number of building permits issued in Newfoundland And Labrador in 2026 was 1,299, representing a 7.3% annualized growth rate between 2021 and 2026.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a province. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Newfoundland And Labrador, and compare it to trends in the number issued in Canada as a whole, using the chart below.
Province economic profile
Newfoundland And Labrador Population Statistics
Which Counties in Newfoundland And Labrador have the Largest Populations?
The counties with the highest populations in Newfoundland And Labrador are St. John's, Mount Pearl and Grand Falls-Windsor, which had populations of 202,768, 0 and 0 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| St. John's | 202.8k | 2.2% | 36.6% |
Province economic profile
Newfoundland And Labrador Demographics
In Newfoundland And Labrador, 9.7% of the population has a Bachelors or higher.
Education level in Newfoundland And Labrador
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 9.7 |
| Primary Education | 7.6 |
| Other | 82.6 |
Newfoundland And Labrador Province industry reports
91¶¶Òù Province Industry Reports help you quickly understand how an industry performs at the province level compared with the national level, with accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 394 Newfoundland And Labrador industry reports.
Other provinces to explore
Compare Newfoundland And Labrador’s economy with other provinces in Canada.
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