Atlantic Canada’s 2024 economic outlook buoyed by oil and gas sector

Newfoundland and Labrador is projected to see a forecasted economic growth of 3.2%, driven by a rebound in oil production. This resurgence will support the local economy, despite slowdowns in non-oil sectors.

New Brunswick is also expected to benefit from rising oil prices that will help maintain economic stability. Despite a cooling global economy, total exports from NB are expected to expand in 2024 as oil and lumber prices are forecast to increase, fostering consumer spending and economic resilience.

Overall, the oil and gas industries are key to cushioning Atlantic Canada against global economic pressures and domestic challenges, supporting economic growth in a year where Atlantic Canada is expected to outperform the rest of Canada.

See the full Atlantic Economic Council News Release here.