The party was elected for the first time in its history on June 9, 2009, but considers the day it swore in its first cabinet, June 19, as the official anniversary.
Premier Darrell Dexter spoke to an audience of about 100 people, mainly consisting of caucus members and party staffers.
Dexter told the crowd that progress has been incremental, but the government has succeeded in introducing several measures that will make a difference in the future.
He told reporters the government made those decisions knowing that they weren't going to "pay off" in one term.
Dexter says they include such things as financial support for the Irving shipbuilding contract and securing the province's energy future through the Maritime Link project.