Provincial Outlook Economic Forecast: Nova Scotia—Summer 2019
The Conference Board of Canada, 51 pages,
August 24, 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.
- At 2.0 per cent, Nova Scotia is on track this year to see its strongest real GDP growth in a decade.
- Despite an aging population, solid international migration will continue to keep the province’s population growth on positive ground over the medium term.
- Job growth in the province is expected to gain 2.7 per cent this year, outpacing the national average.
- The Nova Scotia government will increase health care spending over fiscal 2019–20, with large capital funds being allocated to hospital redevelopments in both Halifax and Cape Breton.
- Non-residential investment spending is forecast to improve over the near term, as construction work on the Goldboro liquefied natural gas (LNG) project is expected to begin in 2021.
- Nova Scotia’s trade outlook is optimistic. Upgrades to airport cargo facilities will help the province meet the growing demand for its lobster and seafood exports.