Economy on Steady Path but Challenges Remain: Nova Scotia’s Five-Year Outlook—July 2024

Economy on Steady Path but Challenges Remain: Nova Scotia’s Five-Year Outlook—July 2024

Provincial Economic Analysis
12 min read

Author: Viktor Cicman

$705.00

In this quarterly report, we examine the economic outlook for Nova Scotia. We analyze demographics and labour markets, households and spending, investment, government outlook, and trade and industry.

 

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In this quarterly report, we examine the economic outlook for Nova Scotia.

Nova Scotia’s economy will continue to show steady growth this year, with real GDP rising by 1.5 per cent. What has been the chief driver of this growth, and will it continue for the foreseeable future? Will employment remain as resilient as it has been despite elevated interest rates, and what is the outlook for the years leading up to 2028? What new projects, if any, are expected beyond 2025? What is the outlook for housing starts? And will the demand from key sectors in the economy, such as seafood, auto parts, and food manufacturing, be positive between 2025 and 2028, despite the expected slowdown in 2024?

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