Provincial Outlook Economic Forecast: Nova Scotia—Spring 2019
The Conference Board of Canada, 62 pages,
June 7, 2019
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.
- Real GDP is expected to expand by 1.8 per cent this year and next.
Demographic gains are translating into long-awaited labour force growth
over the next two years.
- Household consumption is projected to advance by 3.1 per cent this year,
thanks to improving employment conditions and healthy wage gains.
- The provincial government continues to focus its efforts on achieving fiscal sustainability.
- Non-residential investment is forecast to increase sharply next year due to the expected start of construction on the Goldboro Liquefied Natural Gas Project.
- Exports are will fare better next year than in 2019 with expected growth of 2.8 per cent in 2020.
- Most of the province’s economic growth this year is attributed to advances
in the services sectors.