gov.ns.ca - Nova Scotia Canada - Government of Nova Scotia

• The economic outlook from the Nova Scotia Department of Finance 2013-2014 budget are for Nova Scotia’s Real GDP to advance +1.3 percent in 2013 followed by +1.5 percent in 2014.
• The May consensus outlook for Nova Scotia’s Real GDP growth in 2013 is +1.5 percent followed by +2.0 percent in 2014. Major projects such as the Maritime Link and vessel construction at the Halifax Shipyard have potential impact over the medium term.
• The Euro Area economy has been in recession for past six quarters. US prospects continue to improve but challenge of fiscal consolidation remains. Central Banks are maintaining loose monetary policy as economies are still operating below potential.
• Canada’s economy slowed in the 3^rd and 4^th quarter of 2012, expanding at an annualized rate of +0.7 percent in 3^rd and +0.6 percent in 4^th. Small declines in primary industries, and falling Federal government and military expenditures slowed growth to +1.8 percent in Canada in 2012.
• Preliminary estimates of real GDP by industry for 2012 showed Nova Scotia economy grew +0.2 percent with the goods-producing sector declining 4.2 percent and service-producing sector expanding 1.2 percent.
• Since 2008, labour force growth has outpaced employment growth so the unemployment rate remains elevated above pre recession lows; the year-to-date(Jan-Apr) unemployment rate was 9.4%
• Nova Scotia year-to-date retail sales are down 2.2% in Jan-Mar 2013 over Jan-Mar 2012. Retail sales in Nova Scotia have slowed from their levels in the previous two years, similar to the trend in Canada.
• The re-opening of the NewPage facility is expected to boost export figures for 2013. On a year-to-date (Jan-Mar) basis domestic exports increased 6.7 percent and forestry products and building and packaging materials are up 46.6 percent. Production slowdowns from the Sable gas platform are also expected to be partly offset by the start of production from Deep Panuke in the coming months.  
• On a year-to-date basis, Nova Scotia's manufacturing shipments were down 1.8% in March 2013 compared to the same period last year. 

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