N.L. Economy Poised to Soar as Oil Prices Fuel Growth

Newfoundland and Labrador's economy is expected to lead the pack in Canada this year, with a projected growth rate of 4.5 per cent in real gross domestic product (GDP). This far surpasses Alberta's estimated 2.3 per cent GDP growth, making it the top contender among provinces.

The province's oil and gas extraction industry is driving much of this growth, with production up nearly 18 per cent from last year amid soaring crude prices. The expansion of the Valentine mine, the largest in Atlantic Canada, has also boosted mining activity, particularly in gold.

According to TD Economics, about 70 per cent of Newfoundland and Labrador's merchandise exports go to markets other than the United States, sheltering it from the escalating trade war.