Recovery Continues but Uncertainties on the Horizon: Nova Scotia's Two-Year Outlook
The Conference Board of Canada, 15 pages,
June 9, 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.
Following last year’s strong real GDP growth at 5.6 per cent, Nova Scotia’s economy is slated to grow at 2.6 per cent this year, with another 2.4 per cent expansion forecast for 2023.
Migration is expected to slow in Nova Scotia, from both interprovincial and international sources. Workplaces requiring workers to return to the office will drive the interprovincial numbers.
Despite increases in wages and salaries, inflation is running at a very high 5.7 per cent rate, eroding people’s disposable incomes.
Nova Scotia’s government increased spending in the 2022–23 budget, making investments in healthcare, social services, and infrastructure to help address many of the province’s significant needs.
Nova Scotia’s important tourism sector is expected to make a recovery this year and next as public health restrictions have been lifted and international travel returns.
Real exports are forecast to continue to grow as global demand recovers from the pandemic, growing 5.6 per cent this year and 5.1 per cent next year.
Table of Contents
Nova Scotia Snapshot
Labour Markets, Income, and Consumption