What is the main economy of Newfoundland?

What is the main economy of Newfoundland?

The main industries today are mining, manufacturing, fishing, pulp and paper, and hydro-electricity. Other natural resources important to the local economy include iron ore from Labrador and the development of substantial offshore oil and natural gas reserves.

What is Newfoundland biggest export?

Trade In June 2021, the top exports of Newfoundland Labrador were Crude Petroleum (C$803M), Iron Ore (C$376M), Crustaceans (C$284M), Copper Ore (C$115M), and Raw Nickel (C$60.7M).

Why is Newfoundland important to Canada?

Newfoundland and Labrador is the most easterly part of North America, and its position on the Atlantic has given it a strategic importance in defense, transportation, and communications. Its capital city, St. John’s (on Newfoundland), for instance, is closer to the coast of Ireland than it is to Winnipeg, Manitoba.

How much oil is in Newfoundland?

Newfoundland and Labrador’s remaining established reserves are approximately 2.2 billion barrels of oil and 12.5 trillion cubic feet of natural gas. Geoscience data indicates a further 6 billion barrels of oil and 60 trillion cubic feet of natural gas remain undiscovered.

What type of economic system does Newfoundland?

Today the resource-based economy has diversified to include mineral, oil and hydroelectric developments. Agriculture has been of minor importance in Newfoundland because of the poor soil and adverse climate.

What foods does Newfoundland import?


Flour, meal, grains 19.3%
Vegetables 4.8%
Fruit and juices 6.3%
Fresh meats 7.3%
Preserved meats 18.6%

Why was the discovery of Newfoundland important?

In the seventeenth century English statesmen thought Newfoundland to be much more important than New England. Newfoundland cod formed an important part of the diet of the population in large parts of Western Europe. The fishery provided employment for many thousands of seamen and fishermen living in Western Europe .

What important events happened in Newfoundland?


  • 986 or 990: Bjarne Herjulvson, a Viking, sighted the coast of Labrador.
  • 1497: Newfoundland rediscovered by John Cabot and claimed for England (Britain’s oldest colony) .
  • 1500s: English, French, Basque, and Portuguese fishermen contested the area.
  • 1534: Jacques Cartier visited Newfoundland.

What are some fun facts about Newfoundland?

Here are some facts about Newfoundland you might not know:

  • Newfoundland used to be an independent country.
  • Almost everyone pronounces Newfoundland wrong.
  • It used to be the location of the world’s busiest airport.
  • It is officially called Newfoundland and Labrador.
  • Newfoundland has its own time zone.

What was the economy of Newfoundland in the 1870s?

In the 1870s, the fishery accounted for over ninety-five per cent of annual exports. By 1920 it was seventy-one per cent, and by 1930, thirty-seven. By that time, Newfoundland was in desperate condition.

What was the history of Newfoundland and Labrador?

The history of Newfoundland and Labrador covers the period from the arrival of the Archaic peoples. Prior to European colonization, the lands encompassing present-day Newfoundland and Labrador were inhabited for millennia by different groups of indigenous peoples .

How did the stock market crash affect Newfoundland?

Following the New York Stock Market crash of October 1929, the markets for Newfoundland’s main exports — saltfish, pulp and paper and minerals — were severely disrupted, and the country was soon brought to the brink of financial failure.

How did the Napoleonic Wars affect Newfoundland and Labrador?

The Napoleonic Wars (1803-1815) were a time of tremendous social upheaval in Europe, but brought much economic prosperity to Newfoundland and Labrador. The withdrawal of warring nations from the saltfish trade gave the colony an almost complete monopoly over the lucrative industry, while rising fish prices and high catch rates saw profits soar.