Three developments played major roles in this trend. Which once held the coveted economic status Ontario now holds, declined in relative terms during the second half of the 20th century.
Quebec accounted for $441.4 billion, or about 20 per cent of Canada’s GDP, in 2018. ( See also Economic History of Atlantic Canada.) Quebec One of the region’s biggest ongoing challenges is a lack of population growth and a rapidly aging population. Newfoundland, are also important economic generators. The port of Halifax, and to a lesser extent the ports of Saint John, New Brunswick, and St. Despite the devastating closure of the northern cod fishery inġ992 - the largest industrial layoff in Canadian history - fishing and fish processing remains a major economic activity in the Atlantic region ( see Cod Moratorium of 1992). Newfoundland and Labrador, once the weakest economic province in the Atlantic region, has benefited in recent years from the development of its coveted minerals, hydroelectric capacity and offshore oil, and is now regarded as an above-average performer in terms of per-capita GDP output. Although this was roughly the same percentage as 20 years ago, the make-up of that number has changed dramatically. Together they accounted for $123 billion, or about 5.5 per cent, of Canada’s gross domestic product (GDP) in 2018. Prince Edward Island and Nova Scotia) have produced below-average per-person (per capita)Ĭontributions to Canada’s economy in recent decades. The four Atlantic provinces ( Newfoundland and Labrador, New Brunswick,
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