Time to Grow | Economy

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The economy of Newfoundland and Labrador had traditionally been based on the fishery, but during the past century has been supplemented by natural resources-based activities such as mining and pulp and paper. For the first time in many years, the province is experiencing unprecedented expansion and development of its natural resources. In the late 1970's the Hibernia oil field was discovered on the Grand Banks, off the coast of Newfoundland. Approximately 80% of discovered petroleum resources in Eastern Canada are located offshore Newfoundland and Labrador; we produce 50% of Canada’s conventional light crude oil. Churchill Falls hydro project is one of the world’s largest underground power houses. Proposed developments will increase generating power to supply an additional 1.5 million homes. Other major developments affecting out economy include the hydromet plant, Come-By-Chance oil refinery, marine/ocean technologies, our information technology industry, and eco-tourism.