N.L. GDP drops for second year

The economy in Newfoundland and Labrador has shrunk again, according to data gathered by Statistics Canada.

Lower prices for oil and the subsequent decline in oil and gas activity led a decline in 2015. Residential and commercial construction also decreased, and the end result was an overall contraction of 2.2 per cent last year.

It's the second straight year that the real provincial GDP has fallen. The economy contracted another 2.3 per cent in 2014.

There were some positive signs for the province: Manufacturing increased slightly and the service sector held steady throughout the year.

The inflation-adjusted GDP now sits at about $25.4 billion, according to Statistics Canada. It peaked at $27.4 billion in 2007, and has never since reached that level.