Business
Huge regional GDP surges seen in Canada
Ottawa | May 10, 2008 12:01:13 AM IST
Growth of gross domestic product exceeded Canada's national rate of 2.7 percent in all three territories and five of the 10 provinces in 2007, figures show. Statistics Canada's regional breakdown published Monday shows The Northwest Territories' GDP led the country at 13.1 percent, followed closely by Nunavut at 13 percent. StatsCan attributed the surge to diamond explorations and mining. Among provinces, Newfoundland and Labrador's GDP nearly tripled 2006 growth and registered 9.1 percent for 2007 based on oil and nickel production, the report said. The oil-rich province of Alberta saw a halving in GDP growth from 2006 from 6.6 to 3.3 percent, the agency reported. The decline was attributed to a reduction in exploration activity, although oil and gas extraction increased. The eastern provinces of New Brunswick and Nova Scotia tied for the lowest growth at 1.6 percent, StatsCan said. Ontario and Quebec also failed to match the national average, recording 2.1 and 2.4 percent gains, respectively. (UPI)
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