Newfoundland and Labrador, Province of

Public Finance:Provinces and Municipalities

Summary

The Province of Newfoundland and Labrador is the eastern-most province of Canada. It has a population of 509,700 and its economy is the second smallest in the country, with a gross domestic product of $24.9 billion in 2006. The Province of Newfoundland and Labrador remains heavily dependent on natural resources (i.e., oil, mining, fishing and forestry) despite significant diversification in recent years.