It is one of the ten provinces that, together with the three territories, make up the thirteen federal entities of Canada. Its capital is San Juan de Terranova. Located in the northeast of the country, it is formed by two different areas: Labrador located on the peninsula of the same name, bounded on the north by the sea of the same name and on the west and south by Quebec and Newfoundland, an island located on the eastern edge, which borders on the north and east with the Atlantic Ocean, and to the west with the Gulf of San Lorenzo.
For many years, Newfoundland and Labrador had a depressed economy. After the collapse of the cod fishery, the province registered high unemployment rates and the population decreased by around 60,000. However, the growing mining industries and the recent discoveries of offshore oil have pushed the provincial economy.
The GDP reached 28.1 billion Canadian dollars, compared to 25.0 billion in 2009. GDP per capita in 2008 was 61,763 Canadian dollars, much higher than the national average. Services provide more than 60% of GDP, especially financial services, healthcare and public administration. Other important industries are mining, oil production and manufacturing.
Mining is focused on obtaining iron, nickel, copper, zinc, silver and gold.
The forestry industry is important since it produces 462,000 tons of wood per year. The value of newsprint exports is very variable from year to year, depending on the world market price. Wood is produced by numerous mills in Newfoundland.
Aquaculture is a new industry for the province, which in 2006 produced more than 10,000 tons of Atlantic salmon, mussels and rainbow trout of more than $ 50 million. In Newfoundland it is limited to areas south of San Juan, near Deer Lake and in the Codroy Valley. They grow mainly potatoes, turnips, carrots and cabbage is grown for local consumption. Wild blueberries and blackberries are grown for commercial purposes and used in jams and wine. Livestock is reduced to aviculture and milk production. Apart from shellfish processing, papermaking and oil refining, the industry is complemented by small food-producing industries, the production of beer and other beverages, and footwear. Tourism is also growing.