For many years, Newfoundland and Labrador had experienced a depressed economy. Following the collapse of the cod fishery during the early 1990s, the province saw record unemployment rates and the population decreased by roughly 60,000. However due to a major energy and resources boom, the provincial economy has seen a major turnaround in recent years. Unemployment rates decreased, the population stabilized, and even saw some moderate growth. The province has even recorded record surpluses, which has rid it of its status as a "have not" province.
Economic growth, gross domestic product (GDP), exports and employment resumed in 2010, after suffering the impacts of the late-2000s recession. Total capital investment in the province grew to $6.2 billion, an increase of 23.0% compared to 2009. GDP reached $28.1 billion, compared to $25.0 billion in 2009.
Service industries accounted for the largest share of GDP, especially financial services, health care and public administration. Other significant industries are mining, oil production and manufacturing. The total workforce in 2010 was 263,800 people. Per capita GDP in 2008 was 61,763, higher than the national average and third only to Alberta and Saskatchewan out of Canadian provinces.
Mines in Labrador, the iron ore mine at Wabash/Labrador City, and the nickel mine in Voice’s Bay produced a total of $3.3 billion worth of ore in 2010. A mine at Duck Pond (30 km (18 mi) south of the now-closed mine at Buchan’s), started producing copper, zinc, silver and gold in 2007 and prospecting for new ore bodies continues. Mining accounted for 3.5% of the provincial GDP in 2006. The province produces 55% of Canada’s total iron ore. Quarries producing dimension stone such as slate and granite, account for less than $10 million worth of material per year. Oil production from offshore oil platforms on the Hibernia, White Rose and Terra Nova oil fields on the Grand Banks was of 110,000,000
