Provincial Outlook Economic Forecast: Nova Scotia—Autumn 2019
The Conference Board of Canada, 21 pages,
January 10, 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.
- At 2.1 per cent, Nova Scotia is on track this year to see its strongest real GDP growth in a decade.
- Despite an aging population, solid levels of international immigration and positive interprovincial migration will keep the province’s population growing over the forecast.
- Conditions for household spending remain favourable, thanks to a decent pace of population, employment, and wage growth.
- National shipbuilding programs are sustaining growth in the province’s manufacturing sector.
- Non-residential investment spending is forecast to improve over the near term as construction work on the Goldboro liquefied natural gas project is expected to ramp up, starting in 2021.
- Rising global demand for seafood, the provisional implementation of CETA, and upgrades to transportation infrastructure support our view that demand for Nova Scotia exports will rise over the forecast.