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 2014
Provincial Outlook Long-Term Economic Forecast for Nova Scotia 2014
Provincial Economic Analysis
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- Nova Scotia’s economy will remain strong over the medium term as natural gas flows from the Deep Panuke offshore field and work begins on the combat ships for the Canadian navy.
- Real GDP will average 1.8 per cent from 2013 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 will 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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