Overview
Newfoundland and Labrador (NL) is Canada's easternmost province and its youngest — it joined Confederation in 1949. With more than 29,000 km of coastline, the Atlantic Ocean shapes nearly every part of its economy: offshore oil, fisheries and aquaculture, ocean technology, shipbuilding, and marine transportation. NL is the only Canadian province producing offshore crude oil and the country's third-largest oil-producing province (after Alberta and Saskatchewan), extracting light, low-sulphur crude from five fields in the Jeanne d'Arc Basin — Hibernia, Hebron, Terra Nova, White Rose, and North Amethyst.
Oil is a key part of NL’s economy; in 2024, offshore crude exports were worth about 7.5 billion CAD, or 55% of the province's total exports — and much of that oil is shipped to Europe (6.8 billion CAD worth). Mining is the second pillar, with Labrador producing iron ore, nickel (Voisey's Bay), copper, and cobalt. This province is Canada’s fourth largest mineral producer. Labrador's Churchill Falls is one of the largest hydroelectric stations in North America. In 2022 Canada and Germany signed their Hydrogen Alliance in Stephenville, NL — the intended launch point for green hydrogen and ammonia exports to Germany.
Quick Facts
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~545,000 people Population
~1.3% of the national population, with over 40% living in the St. John's metropolitan area
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405,212 km² Size
The island of Newfoundland plus Labrador on the mainland, making NL larger than Germany
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St. John's Capital & Economic Centre
One of the oldest European-settled cities in North America and the continent's easternmost city, seat of Memorial University and its Fisheries and Marine Institute
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Newfoundland Time Time Zone
(UTC −3:30) — the only half-hour time zone in North America; most of Labrador uses Atlantic Time
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English Official Language
For over 98% of the population, it is their native tongue
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1949 Youngest Province
To become apart of Canada
Economy & Key Industries
Offshore Oil & Gas
Offshore activity contributed an average of about 8.9 billion CAD per year in nominal GDP between 2018 and 2024 and supported around 19,000 jobs per year. Production averaged about 209,000 barrels per day in 2024. The emissions intensity of NL offshore extraction is about 30% below the global average. The Equinor-led Bay du Nord project would open a new deepwater basin (Flemish Pass), and the West White Rose expansion is under construction.
Mining & Critical Minerals
Labrador hosts major high grade iron ore operations around Labrador City and Wabush, and the Voisey's Bay mine produces nickel, copper, and cobalt.
Fisheries & Aquaculture
The industry that built the province remains a major exporter, led by snow crab, shrimp, and increasingly farmed Atlantic salmon, alongside the recovering northern cod fishery. So much so that aquaculture generated 2.11 billion CAD in market value in 2025.
Clean Energy & Hydrogen
Churchill Falls (5,428 MW) is one of North America's largest hydro stations. World Energy GH2's Project Nujio'qonik near Stephenville aims to produce green hydrogen/ammonia for export to Europe. The oil refinery Braya Renewable Fuels produces up to 18,000 barrels per day of renewable diesel.
Ocean Technology
St. John's hosts a dense ocean-tech cluster around Memorial University's Marine Institute, including Kraken Robotics (marine robotics and sonar), Rutter (radar systems), and world-class offshore safety and simulation training facilities.
Technology
The province's standout tech story is Verafin, a St. John's fraud-detection and anti-money-laundering firm acquired by Nasdaq in 2020 for 3.88 billion CAD— one of the largest tech acquisitions in Canadian history. Other growing firms include CoLab (engineering software) and Mysa (smart thermostats).
Location Advantages for German Companies
The Canada–Germany Hydrogen Alliance
Former Chancellor Olaf Scholz and former Prime Minister Justin Trudeau signed the alliance in Stephenville, Newfoundland and Labrador, in August 2022, targeting transatlantic green hydrogen exports. German energy companies and technology suppliers (electrolyzers, wind turbines, ammonia handling) have a first-mover opportunity in the projects now under development on the province's west coast.
Energy supplier to Europe
The majority of NL's offshore crude — light and low-sulphur — is already shipped to European refineries, making the province a direct, politically stable contributor to European energy security.
Critical minerals for German industry
Nickel, cobalt, copper, and iron ore from Labrador feed the battery, steel, and defence supply chains that German manufacturers depend on, with CETA providing tariff-free access.
Shortest transatlantic crossing
St. John's is the closest port city in North America to Europe. Combined with a specialized harsh-environment ocean engineering base, NL is a natural partner for German offshore wind, maritime, and subsea technology firms testing and deploying in North Atlantic conditions.
