Newfoundland is a federal province of the Federal Republic of Canada that is one of the four Atlantic Provinces. Newfoundland is located on the Labrador Peninsula and on the island of Newfoundland, and is bordered by land by the Republic of Québec and by sea by the Gulf of St. Lawrence and the Atlantic Ocean. Newfoundland's economy is based on fishing, some agriculture and resource extraction on the mainland. It is the second-least populous Canadian province after Prince Edward Island.