A new report on the economic benefits generated by Canada’s Newfoundland and Labrador aquaculture industry reveals its positive effect on provincial GDP, employment and labour income.
Economic Impacts of the Newfoundland and Labrador Aquaculture Industry reveals that aquaculture activity contributed around CAD$104.1m to total GDP in 2013 – 10 times the CAD$10.5m contribution that was made in 2003.
"Our government worked closely with the aquaculture industry to foster business activity that completely revitalised communities in the Coast of Bays, and bolstered new development in the New World Island and west coast regions,” said the Honourable Vaughn Granter, Minister of Fisheries and Aquaculture.
“The data in this report, which was developed through rigorous analysis by the Economic Research and Analysis Division of the Department of Finance, provides valuable information about an industry that is driving economic activity, especially in rural areas,” he added.
When it comes to total employment impacts, aquaculture was responsible for an estimated 872 person years of employment in 2013, compared to approximately 225 person years generated in 2003. Labour income from aquaculture activity in 2013 is estimated to be CAD$36.7 million, which is approximately six times greater than the labour income that was generated in 2003.
"In collaboration with the Government of Newfoundland and Labrador, the dedicated and hard-working members of the Newfoundland Aquaculture Industry Association have established an industry that has earned a strong reputation globally for producing premium seafood products farmed in pristine waters along our vast coast line,” added Mark Lane, executive director, Newfoundland Aquaculture Industry Association.
Now, a new Provincial Aquaculture Strategy is in place to help build upon this success, responding to increasing global demand for sustainable seafood.
