The inhabitants have traditionally earned their livelihood by fishing and by servicing the fishing fleets operating off the coast of Newfoundland. The climate and the small amount of available land militate against activities such as farming and livestock raising (weather conditions are severe, confining the growing season to a few weeks, and the soil contains significant peat and clay and is largely infertile). Since 1992 the economy has been in steep decline, following the depletion of fish stocks due to overfishing, the limitation of fishing areas and the ban imposed on all cod fishing by the Canadian Government.