Provincial Outlook Economic Forecast: Nova Scotia—June 2020
The Conference Board of Canada, 17 pages,
June 17, 2020
This quarterly economic forecast for the province of Nova Scotia examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
- Nova Scotia’s economy will contract by 3.8 per cent in 2020, its sharpest recession in 40 years.
- Nova Scotia lost an unprecedented 75,400 jobs in March and April.
- Due to travel restrictions and physical distancing measures, the tourism- and recreation-related industries have come to a grinding halt. Output in the accommodation and food services sector will plummet by a record-breaking 37 per cent this year.
- After five consecutive years of surpluses, Nova Scotia’s government will have a hard time keeping its budget in balance for fiscal year 2020–21.
- Slumping lobster demand and a struggling forestry industry weigh heavily on the province’s export outlook for 2020.