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Nova Scotia Economic Forecast

The Conference Board of Canada’s Economic Trends Division is recognized worldwide for its expertise in economic forecasting, modelling and analysis. We have produced accurate economic forecasts for more than 25 years.

We examine the economic outlook for Nova Scotia, including gross domestic product (GDP), output by industry, housing, demographics and trade and labour market conditions.

The Provincial Outlook is updated quarterly using the Conference Board’s large econometric model of the provincial economies.

Five-year forecasts with up to 50 years of history for more than 210 indicators are available for Nova Scotia. The indicators are updated four times a year.

What Data Do We Forecast?

Key Economic Indicators: Nova Scotia
Gross Domestic Product at Market Prices,Nova Scotia Millions $
Gross Domestic Product at Market Prices,Nova Scotia Millions, Chained $ 2007
Gross Domestic Product at Basic Prices, Nova Scotia Millions, Chained $ 2007
Implicit Price Deflator: G.D.P at Market Price, Nova Scotia Index, 2007=1.00
Consumer Price Index, Nova Scotia 2002=1.0
Wages & Salaries Per Employee, Nova Scotia Thousands $
Primary household income , Nova Scotia Millions $
Household disposable income , Nova Scotia Millions $
Population of Labour Force Age , Nova Scotia Thousands
Labour Force , Nova Scotia Thousands
Employment, Nova Scotia Thousands
Unemployment Rate, Nova Scotia %
Retail Sales , Nova Scotia Millions $
Housing Starts , Nova Scotia Number of units
 
GDP at Basic Prices by Industry (Millions, Chained $ 2007)
GDP at Basic Prices by Industry, Crop and animal production , Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Forestry and Logging , Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Support activities for agriculture & forestry, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Fishing, hunting and trapping, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Mining and oil and gas extraction, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Manufacturing, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Construction, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Utilities, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Goods-Producing Industries, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Transportation & Warehousing, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Information & Culture Industries, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Wholesale & Retail Trade, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Finance and insurance, real estate and renting and leasing and management of companies and enterprises, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Commercial Services, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Non-Commercial Services, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Public administration , Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, Service-Producing Industries, Nova Scotia Millions, Chained $ 2007
GDP at Basic Prices by Industry, All Industries, Nova Scotia Millions, Chained $ 2007
 
Labour Market ('000)
Employment, Nova Scotia, Agriculture Thousands
Employment, Nova Scotia, Other Primary Industries Thousands
Employment, Nova Scotia, Utilities Thousands
Employment, Nova Scotia, Manufacturing Thousands
Employment, Nova Scotia, Construction Thousands
Employment, Nova Scotia, Wholesale and Retail Trade Thousands
Employment, Nova Scotia, Transportation and Warehousing Thousands
Employment, Nova Scotia, Finance, Insurance, Real Estate Thousands
Employment, Nova Scotia, Other Commercial Services Industries Thousands
Employment, Nova Scotia, Education & Health Industries Thousands
Employment, Nova Scotia, Public Administration Thousands
Employment, Education, Nova Scotia Thousands
Employment, Health & Social Services, Nova Scotia Thousands
Employment, Nova Scotia, Total Thousands
Unemployed, Nova Scotia Thousands
Participation Rate, Nova Scotia %
 
Demography ('000)
Total Population, Nova Scotia Thousands
Net Provincial Migration, Nova Scotia Thousands
Inter-provincial In-migration, Nova Scotia Thousands
Inter-provincial Out-migration, Nova Scotia Thousands
Net International Migration, Nova Scotia Thousands
Natural Rate of Population Increase, Nova Scotia Thousands
   
Final consumption expenditure (Millions $)  
Final consumption expenditure, Nova Scotia Millions $
Household final consumption expenditure, Nova Scotia Millions $
Household final consumption expenditure: Goods, Nova Scotia Millions $
Household final consumption expenditure: Durable Goods, Nova Scotia Millions $
Household final consumption expenditure: Semi-durable Goods, Nova Scotia Millions $
Household final consumption expenditure: Non-durable Goods, Nova Scotia Millions $
Household final consumption expenditure: Services, Nova Scotia Millions $
Household final consumption expenditure: Services: Services related to dwelling and property (including rental and imputed rent), Nova Scotia Millions $
Household final consumption expenditure: Services: Other Services, Nova Scotia Millions $
Non-profit institutions serving households' final consumption expenditure, Nova Scotia Millions $
General governments final consumption expenditure, Nova Scotia Millions $
   
Gross fixed capital formation (Millions $)  
Gross fixed capital formation, Nova Scotia Millions $
Gross fixed capital formation: Business, Nova Scotia Millions $
Gross fixed capital formation: Business - Residential Structures, Nova Scotia Millions $
Gross fixed capital formation: Business - Non-Residential Structures, Nova Scotia Millions $
Gross fixed capital formation: Business - Machinery and equipment, Nova Scotia Millions $
Gross fixed capital formation: Business - Intellectual property products, Nova Scotia Millions $
Gross fixed capital formation, Non-profit institutions serving households, Nova Scotia Millions $
Gross fixed capital formation, General governments, Nova Scotia Millions $
   
Trade (Millions $)  
Investment in inventories, Nova Scotia Millions $
Exports of Goods & Services, Nova Scotia Millions $
Exports To Other Countries, Nova Scotia Millions $
Exports of Goods to Other Countries, Nova Scotia Millions $
Exports of Services to Other Countries, Nova Scotia Millions $
Exports To Other Provinces, Nova Scotia Millions $
Exports of Goods to Other Provinces, Nova Scotia Millions $
Exports of Services to Other Provinces, Nova Scotia Millions $
Net Exports, Nova Scotia Millions $
Imports of Goods & Services, Nova Scotia Millions $
Imports To Other Countries, Nova Scotia Millions $
Imports of Goods to Other Countries, Nova Scotia Millions $
Imports of Services to Other Countries, Nova Scotia Millions $
Imports To Other Provinces, Nova Scotia Millions $
Imports of Goods to Other Provinces, Nova Scotia Millions $
Imports of Services to Other Provinces, Nova Scotia Millions $
   
Final consumption expenditure (Millions, Chained $2007)  
Final consumption expenditure, Nova Scotia Millions, Chained $ 2007
Household final consumption expenditure, Nova Scotia Millions, Chained $ 2007
Household final consumption expenditure: Goods, Nova Scotia Millions, Chained $ 2007
Household final consumption expenditure: Durable Goods, Nova Scotia Millions, Chained $ 2007
Household final consumption expenditure: Semi-durable Goods, Nova Scotia Millions, Chained $ 2007
Household final consumption expenditure: Non-durable Goods, Nova Scotia Millions, Chained $ 2007
Household final consumption expenditure: Services, Nova Scotia Millions, Chained $ 2007
Household final consumption expenditure: Services: Services related to dwelling and property (including rental and imputed rent), Nova Scotia Millions, Chained $ 2007
Household final consumption expenditure: Services: Other Services, Nova Scotia Millions, Chained $ 2007
Non-profit institutions serving households' final consumption expenditure, Nova Scotia Millions, Chained $ 2007
General governments final consumption expenditure, Nova Scotia Millions, Chained $ 2007
   
Gross fixed capital formation (Millions, Chained $2007)  
Gross fixed capital formation, Nova Scotia Millions, Chained $ 2007
Business gross fixed capital formation, Nova Scotia Millions, Chained $ 2007
Business gross fixed capital formation, Residential Structures, Nova Scotia Millions, Chained $ 2007
Business gross fixed capital formation, Non-Residential Structures, Nova Scotia Millions, Chained $ 2007
Business gross fixed capital formation, Machinery and equipment, Nova Scotia Millions, Chained $ 2007
Business gross fixed capital formation, Intellectual property products, Nova Scotia Millions, Chained $ 2007
Gross fixed capital formation, Non-profit institutions serving households, Nova Scotia Millions, Chained $ 2007
Gross fixed capital formation, General governments, Nova Scotia Millions, Chained $ 2007
   
Trade (Millions, Chained $ 2007)  
Investment in inventories, Nova Scotia Millions, Chained $ 2007
Exports of Goods & Services, Nova Scotia Millions, Chained $ 2007
Exports To Other Countries, Nova Scotia Millions, Chained $ 2007
Exports of Goods to Other Countries, Nova Scotia Millions, Chained $ 2007
Exports of Services to Other Countries, Nova Scotia Millions, Chained $ 2007
Exports To Other Provinces, Nova Scotia Millions, Chained $ 2007
Exports of Goods to Other Provinces, Nova Scotia Millions, Chained $ 2007
Exports of Services to Other Provinces, Nova Scotia Millions, Chained $ 2007
Net Exports, Nova Scotia Millions, Chained $ 2007
Imports of Goods & Services, Nova Scotia Millions, Chained $ 2007
Imports To Other Countries, Nova Scotia Millions, Chained $ 2007
Imports of Goods to Other Countries, Nova Scotia Millions, Chained $ 2007
Imports of Services to Other Countries, Nova Scotia Millions, Chained $ 2007
Imports To Other Provinces, Nova Scotia Millions, Chained $ 2007
Imports of Goods to Other Provinces, Nova Scotia Millions, Chained $ 2007
Imports of Services to Other Provinces, Nova Scotia Millions, Chained $ 2007
   
Average Weekly Wages & Salaries Per Employee ($, Industrial Composite)  
Average Weekly Wages & Salaries Per Employee, Nova Scotia $, Industrial Composite
   
Gross domestic product, Income-based (Millions $)  
Gross domestic product, Income-based, Compensation of employees; Nova Scotia Millions $
Gross domestic product, Income-based, Compensation of employees: Wages and salaries; Nova Scotia Millions $
Gross domestic product, Income-based, Compensation of employees: Employers' social contributions; Nova Scotia Millions $
Gross domestic product, Income-based, Gross Operating Surplus; Nova Scotia Millions $
Gross domestic product, Income-based, Gross Operating Surplus: Net Operating Surplus - Corporations; Nova Scotia Millions $
Gross domestic product, Income-based, Gross Operating Surplus: Consumption of fixed capital - Corporations & General governments; Nova Scotia Millions $
Gross domestic product, Income-based, Gross mixed income; Nova Scotia Millions $
Gross domestic product, Income-based, Gross mixed income: Net mixed income; Nova Scotia Millions $
Gross domestic product, Income-based, Gross mixed income: Consumption of fixed capital - unincorporated businesses; Nova Scotia Millions $
Gross domestic product, Income-based, Taxes less subsidies on production; Nova Scotia Millions $
Gross domestic product, Income-based, Taxes less subsidies on products and imports; Nova Scotia Millions $
   
Current accounts - Households (Millions $)  
Current accounts - Households, Compensation of employees; Nova Scotia Millions $
Current accounts - Households: Non-farm Income; Nova Scotia Millions $
Current accounts - Households: Farm Income; Nova Scotia Millions $
Current accounts - Households: Rental income of households; Nova Scotia Millions $
Current accounts - Households, Net property income; Nova Scotia Millions $
Current accounts - Households, Current transfers received by households; Nova Scotia Millions $
Current accounts - Households, Current transfers received by households from non profit institutions serving households, corporations and non-residents; Nova Scotia Millions $
Current accounts - Households, Current transfers received by households from general governments, employment insurance benefits; Nova Scotia Millions $
Current accounts - Households, Current transfers received by households from general governments, social security benefits; Nova Scotia Millions $
Current accounts - Households, Current transfers received by households from general governments, other benefits benefits; Nova Scotia Millions $
Current accounts - Households, Current transfers paid by households; Nova Scotia Millions $
Current accounts - Households, Current transfers paid by households to non profit institutions serving households; Nova Scotia Millions $
Current accounts - Households, Current transfers paid by households to corporations; Nova Scotia Millions $
Current accounts - Households, Current transfers paid by households to non-residents; Nova Scotia Millions $
Current accounts - Households, Current transfers paid by households to general governments ; Nova Scotia Millions $
Current accounts - Households, Current transfers paid by households to general governments - personal income taxes; Nova Scotia Millions $
Current accounts - Households, Current transfers paid by households to general governments - other current transfers; Nova Scotia Millions $
Current accounts - Households, Current transfers paid by households - others (to non-profit institutions serving households, corporations and non-residents); Nova Scotia Millions $
Current accounts - Households, Household net savings; Nova Scotia Millions $
Current accounts - Households, Household Savings rate; Nova Scotia %
   
Housing (Number of units)  
Housing Starts, Singles, Nova Scotia Number of units
Housing Starts, Multiples, Nova Scotia Number of units
Housing Completions, Singles, Nova Scotia Number of units
Housing Completions, Multiples, Nova Scotia Number of units
   
Real Domestic Product, Nova Scotia (Millions $ 2007)  
Real Domestic Product: Metal Ore Mining, Nova Scotia Millions $ 2007
Real Domestic Product: Non-metallic mineral mining and quarrying , Nova Scotia Millions $ 2007
Real Domestic Product: Oil and gas extraction & Coal mining , Nova Scotia Millions $ 2007
Real Domestic Product: Support activities for mining and oil and gas extraction , Nova Scotia Millions $ 2007
Real Domestic Product: Wholesale Trade, Nova Scotia Millions $ 2007
Real Domestic Product: Retail Trade, Nova Scotia Millions $ 2007
Real Domestic Product: Imputed Rent, Nova Scotia Millions $ 2007
Real Domestic Product: Other Finance and Insurance, Real Estate and Renting and Leasing and Management of Companies and Enterprises, Nova Scotia Millions $ 2007
Real Domestic Product: Professional, scientific, technical services, administrative and support, waste management and remediation services , Nova Scotia Millions $ 2007
Real Domestic Product: Professional, scientific & technical services , Nova Scotia Millions $ 2007
Real Domestic Product: Administrative and support, waste management and remediation services , Nova Scotia Millions $ 2007
Real Domestic Product: Accommodation and food services, Nova Scotia Millions $ 2007
Real Domestic Product: Arts, entertainment and recreation, Nova Scotia Millions $ 2007
Real Domestic Product: Other services (except public administration), Nova Scotia Millions $ 2007
Real Domestic Product: Educational Services , Nova Scotia Millions $ 2007
Real Domestic Product: Healthcare and social assistance , Nova Scotia Millions $ 2007
   
Implicit Price Indexes, Consumption Expenditures, Gross Fixed Capital Formation, Exports, Imports, Gross Domestic and Final Domestic Demand, Nova Scotia (2007=1.00)  
Implicit Price Deflator, Final consumption expenditure, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Household final consumption expenditure, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Household final consumption expenditure: Goods, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Household final consumption expenditure: Durable Goods, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Household final consumption expenditure: Semi-durable Goods, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Household final consumption expenditure: Non-durable Goods, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Household final consumption expenditure: Services, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Household final consumption expenditure: Services: Rent, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Household final consumption expenditure: Services: Other Services, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Non-profit institutions serving households' final consumption expenditure, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, General governments final consumption expenditure, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Gross fixed capital formation, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Business gross fixed capital formation, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Business gross fixed capital formation, Residential Structures, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Business gross fixed capital formation, Non-Residential Structures, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Business gross fixed capital formation, Machinery and equipment, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Business gross fixed capital formation, Intellectual property products, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Gross fixed capital formation, Non-profit institutions serving households, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Gross fixed capital formation, General governments, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Exports of Goods & Services, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Exports To Other Countries, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Exports of Goods to Other Countries, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Exports of Services to Other Countries, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Exports To Other Provinces, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Exports of Goods to Other Provinces, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Exports of Services to Other Provinces, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Imports of Goods & Services, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Imports To Other Countries, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Imports of Goods to Other Countries, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Imports of Services to Other Countries, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Imports To Other Provinces, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Imports of Goods to Other Provinces, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Imports of Services to Other Provinces, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Final Domestic Demand, Nova Scotia Index, 2007=1.00
Implicit Price Deflator, Final consumption expenditure, Nova Scotia Index, 2007=1.00
   
Nominal Domestic Product: Business Non-Residential Investment Spending (Millions $)  
Nominal Domestic Product: Business Non-Residential Investment Spending: Non-Energy , Nova Scotia Millions $
Nominal Domestic Product: Business Non-Residential Investment Spending: Energy , Nova Scotia Millions $

Forecasts and research often involve numerous assumptions and data sources, and are subject to inherent risks and uncertainties. This information is not intended as specific investment, accounting, legal, or tax advice.

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Provincial Forecast Model

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Economics Team

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