Why has the fishing industry been central to Newfoundland and Labrador’s history and economy?

For more than 500 years, the fishing industry served as the economic and cultural backbone of Newfoundland and Labrador. Historically, the province’s economy was defined by the exploitation and export of natural resources, with fisheries acting as the primary asset.12

The industry was traditionally centered on the production of dried salt cod for international markets. This practice remained largely sustainable between 1600 and 1957. However, the introduction of industrial-scale trawlers, advanced sonar, and government mismanagement led to severe overfishing. This culminated in the cod fishery collapse of 1992, which forced a moratorium on cod fishing and devastated hundreds of coastal communities that relied on the industry for their livelihoods.314

Following this collapse, the province diversified its fishing sector into shellfish and expanded aquaculture. While fishing now contributes a smaller portion of the provincial gross domestic product compared to its historical peak, it remains a significant component of the regional economy and employment.3