Developments Since 2003…3 Budgetary position of province much improved: Budgetary position of province much improved: –Offshore oil revenues exceeded income tax revenue for first time in 2007-08 ($1billion) –Debt/GDP ration in decline –Surplus budgets Oil-driven economy pushes NL into 5 th largest economy per capita among provinces Oil-driven economy pushes NL into 5 th largest economy per capita among provinces Unemployment rate lowest in 20 years Unemployment rate lowest in 20 years However…rural out-migration continues However…rural out-migration continues
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