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Eastern Provinces Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland



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Old December 13th, 2005, 06:50 PM   #1
ssiguy2
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Atlantic Accord .......where does the money go?

Now that the Atlantic accord is signed I'm curious as to where the money is intended to go.
Debt repayment? Infastructure? Health and SocialServices? Education?
or is it a combo deal?
Did you get the $2billion already or is it being phased in?

Please explain.
Particularily interested in the NFLD side. Your income and GDP have been rising way faster than the national average but your unemployment is stubornly high.
Are people from the outposts moving out of province or increasingly to St.John's?
I'm really interested in what's going on.
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Old December 14th, 2005, 02:16 AM   #2
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I know most of Nova Scotia's money went to paydown the provincal debt.
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Old December 14th, 2005, 05:38 PM   #3
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I would love to hear all the money is going to pay down debt in both provinces. That would be great for future growth prospects in both provinces and in particular NFLD as they have a huge debt per capita.
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Old December 14th, 2005, 11:20 PM   #4
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I really wish the East would do a lot better . There is so much great heritage out there. But that could also be part of the problem . It Seems know one wants to let go of the Past, to welcome the future.
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Old December 15th, 2005, 12:24 AM   #5
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Here is an interesting essay on the subject

http://www2.marianopolis.edu/quebech...l/maritime.pdf

Its kinda long and since its from Quebec, it could be written by a seperatist, but he makes a damn good arguement.
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Old December 15th, 2005, 03:02 PM   #6
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I think Newfoundland's GDP growth is usually taken to mean more than it actually does. A lot of it simply comes from large one time projects that may or may not employ many locals (a lot of the equipment used it manufactured elsewhere, etc.) and large oil companies are involved so profits don't generally stay in the province. The jobs created pay fairly well and the extra taxes are helpful but it's just not the same as the province having its own large and well-established companies like those found elsewhere.

As for Nova Scotia, there's not really an offshore "industry" to speak of right now.. just the Sable project. Test drilling continues, but it's expensive and hasn't turned up much.
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Old December 15th, 2005, 06:16 PM   #7
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NFLD is now getting more money from Hibernia etc as revenues are now staying in the province. Oil prices are also much higher than they were when Hibernia was built.
Unemployment is high in NFLD due to very high unemployment in the outports. St.John's has unemployment at about 8%. Not great but not to bad either.
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Old December 15th, 2005, 08:53 PM   #8
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I think the money is being invested, not being spent right now. This year the province had a balanced budget with a surplus; that did not include the 2 billion. However, the government I believe is now more willing to renegotiate some of its labour contracts, as unions are looking for more. There are other problems in the province however, with the very recent closing of the Abitibi Pulp & Paper mill in Stephenville. IMO, 2 billion is not a lot of money these days. Also on the bright side, another oil field (White Rose) is starting production this year. Remember, all that oil is good for Canada; it would not be Canada's if Nfld had not become part of the country. The same goes for the mineral resources & hydro power from Labrador, with still more hydro not yet developed.
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Old August 27th, 2010, 10:40 PM   #9
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This thread may be a bit old but it is nice to see how much things have changed in a relaitively short period. Newfoundland and Labrador is now one of only four "Have" provinces and while the recession may have caused a slowdown in the provinces economy resulting in deficits they are fairly small percapita compared to other provinces and to the deficits of the past.
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