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—Autumn 2018
Provincial Outlook Economic Forecast: Nova Scotia—Autumn 2018
Provincial Economic Analysis
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- Overall, Nova Scotia’s real GDP is forecast to advance by just 1.0 per cent in 2019, but that will be followed by a stronger 1.7 per cent gain in 2020.
- Strong immigration is contributing positively to the labour force and employment outlook.
- Despite rising health care needs and a shrinking tax base, the province’s fiscal situation remains good. To maintain that healthy position, the provincial government is not expected to increase program spending or make any personal or corporate tax changes.
- The Goldboro Liquefied Natural Gas (LNG) project has been included in our forecast although it is still speculative. If it goes ahead, business investment will get a boost.
- Trade will get a lift from expansions at the Michelin Tire Plant in Pictou County and the cargo handling facilities at the Halifax Stanfield International Airport.
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