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Energy Plan - Government of Newfoundland and Labrador

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<strong>Energy</strong> <strong>and</strong> Our Economy<br />

<strong>Newfoundl<strong>and</strong></strong> <strong>and</strong> <strong>Labrador</strong>’s energy sector contributes more to this province’s<br />

real Gross Domestic Product (GDP) than any other. In 2006, the energy sector’s<br />

contribution to the <strong>Newfoundl<strong>and</strong></strong> <strong>and</strong> <strong>Labrador</strong> economy (as a percentage <strong>of</strong> total<br />

real GDP) exceeded that sector’s contribution in all other provinces, including<br />

Alberta.<br />

The energy sector not<br />

only generates significant<br />

revenues, but is a major<br />

employer in our province.<br />

This employment activity<br />

is expected to increase<br />

dramatically over the next<br />

several years, which will<br />

present us with the challenge<br />

<strong>of</strong> having enough skilled<br />

tradespeople <strong>and</strong> other<br />

qualified pr<strong>of</strong>essionals to<br />

support this growth.<br />

The energy sector not only generates significant revenues, but is a major employer<br />

in our province. This employment activity is expected to increase dramatically<br />

over the next several years, which will present us with the challenge <strong>of</strong> having<br />

enough skilled tradespeople <strong>and</strong> other qualified pr<strong>of</strong>essionals to support this<br />

growth.<br />

Figure 6.1<br />

Percentage <strong>of</strong> GDP from <strong>Energy</strong> Activities, 1997 - 2006<br />

Figure 6.2<br />

<strong>Energy</strong> Sector Contribution to GDP by Province, 2006<br />

The energy sector is also a key driver <strong>of</strong> innovation within the province. This<br />

activity has driven our businesses, as well as our research <strong>and</strong> educational<br />

institutions, to be leaders in innovation. Our innovation commitment continues,<br />

as there is the potential to do much more.<br />

We will also use our <strong>Energy</strong> Warehouse as a tool for economic <strong>and</strong> rural<br />

development. With it, we can provide industries carrying out work in our province<br />

with necessary power at a competitive price.<br />

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