Following Reopening, Recovery Taking Off: Nova Scotia’s Two-Year Outlook

The Conference Board of Canada, 14 pages, September 23, 2021
Issue briefing
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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.

Document Highlights

  • Nova Scotia’s real GDP is expected to rebound by 5.5 per cent in 2021 and 3.0 per cent in 2022, thanks mainly to elevated government spending, a fast recovery in the labour market, and pent-up demand for tourism and other in-person services.
  • Solid gains in labour income will help offset some of the declines in income transfers by the government this year, supporting a strong rebound in services spending starting in the second half of 2021.
  • The $1.2-billion capital spending budget for the 2021–22 fiscal year will support the construction of major infrastructure projects in the province, including the Halifax Infirmary expansion and ongoing highway twining projects.
  • Elevated home building activities are expected to cool in 2022 as supply increases and demand slows.
  • Exports of seafood, rubber tires, and forestry products have surged in Nova Scotia. Going forward, the expected rebound in demand for lobsters and travelling will support a bright outlook for the province’s exports.

Table of Contents

Key findings
Nova Scotia snapshot
Overview
Labour markets
Consumer spending
Investment
Government outlook
Exports
Methodology

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