This annual 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 Long-Term Economic Forecast for Nova Scotia: 2015
Provincial Outlook Long-Term Economic Forecast for Nova Scotia: 2015
Provincial Economic Analysis
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- Nova Scotia’s economy will be strong over the next few years as the province benefits from a stronger U.S. economy and a lower Canadian currency.
- Real GDP growth will average 1.7 per cent from 2014 to 2019.
- Beyond 2020, economic growth will slow. The growing number of retiring baby boomers will curb labour force growth, thus slowing down growth in potential output.
- The aging of the population will offset immigration gains toward the end of the forecast and cause the population to decline.
- The increase in the number of seniors will exert fiscal pressures on the provincial government at a time of limited revenue-generating capacity.
- Given the softer domestic demand, inflationary pressures are expected to remain at bay over the long term.
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