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—Winter 2018
Provincial Outlook Economic Forecast: Nova Scotia—Winter 2018
Provincial Economic Analysis
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- Nova Scotia’s economy is set to improve this year, with real GDP growth forecast to reach 1.5 per cent. Growth is expected to moderate to 0.9 per cent in 2019.
- The recent surge in immigration to Atlantic Canada is helping labour force and employment growth in the province.
- Federal and provincial government infrastructure projects will help the construction sector while there are fewer private capital projects.
- Steep declines are expected in business investment as work on major projects are completed. Over the next few years, decommissioning activities of natural gas projects will mean the end of natural gas production.
- The growing appetite for Nova Scotia’s seafood products will help sustain export growth over the next several years.
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