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.
Pandemic Makes a Bad Situation Even Worse: Nova Scotia’s Two-Year Outlook—September 2020
Pandemic Makes a Bad Situation Even Worse: Nova Scotia’s Two-Year Outlook—September 2020
Provincial Economic Analysis
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- Nova Scotia’s real GDP will drop by 7.6 per cent in 2020 as a result of the pandemic lockdown measures and suppressed domestic and global demand.
- The province’s fiscal balance is heading back into the red after four consecutive years of surplus as health-related spending soars while revenues dwindle.
- Nova Scotia’s economy is expected to bounce back 4. 6 per cent next year, mainly on the back of a strong recovery in the labour market and higher government spending on infrastructure projects.
- As the pandemic paused the province’s inflow of immigrants, housing starts in the second quarter of this year fell to their lowest point since 2016.
- With pandemic-related restrictions easing up, Nova Scotia’s employment has rebounded to 92.7 per cent of its pre-pandemic level by July. We expect full recovery in the labour market by mid-2021.li>
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