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: Nova Scotia—2017
Provincial Outlook Long-Term Economic Forecast: Nova Scotia—2017
Provincial Economic Analysis
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- Real GDP will grow at an annual average of 1 per cent between 2016 and 2040.
- Shifting demographic fundamentals will weigh down potential output growth and affect all areas of the economy.
- Consumers’ spending preferences will shift toward services rather than goods and housing.
- The outlook for business investment in residential and non-residential structures is not stellar, as demand for housing will fall and major projects are set to be completed in the medium term.
- Faced with revenue shortfalls and increased spending on health care, governments are expected to reduce capital spending over the long term.
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