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.
Provincial Outlook Economic Forecast: Nova Scotia—Spring 2017
Provincial Outlook Economic Forecast: Nova Scotia—Spring 2017
Provincial Economic Analysis
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- Demographic challenges are limiting Nova Scotia’s economic growth. Overall, real GDP is set to grow by 0.5 per cent this year. In 2018, Nova Scotia is expected to post the weakest growth in Canada at 0.7 per cent.
- Nova Scotia’s economy will add around 3,900 jobs this year. However, growth in employment is expected to slow over the medium term due to stagnant labour force growth.
- Having recently balanced its budget, the government is expected to continue to limit its spending, except in the health care and social assistance sectors.
- With major projects near completion, business investment is facing steep declines.
- Production at the province’s two producing natural gas fields is expected to shut down over the medium term.
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