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.
Document Highlights
Real GDP will grow at an average annual pace of 1.1 per cent between 2018 and 2040.
Shifting demographic fundamentals will keep potential output growth modest and affect all areas of the economy.
Consumers’ spending preferences will shift toward services and away from goods and housing.
Business investment in residential and non-residential structures will struggle as demand for housing falls and major projects are completed in the medium term.
Faced with revenue shortfalls and increased spending on health care, governments are expected to keep infrastructure capital spending under firm control over the long term.
