Recovery Slows but Services Sector Buoys Provincial Economy: Nova Scotia’s Three-Year Outlook
The Conference Board of Canada,
September 1, 2022
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 in Nova Scotia will expand by 3.2 per cent this year, before growth slows to 1.5 per cent in 2023 and 1.6 per cent in 2024.
- Employment will grow overall in 2022, but job gains will stall in the second half of this year and first half of 2023.
- Real household spending will decline this year and in 2023 as inflation eats into people’s disposable income. Growth will pick up again in 2024 when inflation recedes.
- Business investment continues to increase in the province, notably in non-residential construction.
- Housing starts will ease this year and over the next two years after the large increase in 2021.
- Exports from Nova Scotia are expanding at a healthy rate as global demand rebounds following declines during the peak of the pandemic.
Table of Contents
Nova Scotia Snapshot
Labour Markets, Income, and Consumption