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Highlights
Last Updated: May 24, 2013

  • 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 3rd and 4th quarter of 2012, expanding at an annualized rate of +0.7 percent in 3rd and +0.6 percent in 4th. 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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Orange ClockAbout Economic Analysis and Reports

The Economics and Statistics Division monitors Nova Scotia's macroeconomic environment - tracking the global conditions that influence how our economy performs and the results we see here in the Province. If you want to learn more, you can contact an expert member of our team at the phone number or email address below. These experts can help you find additional data and analysis to learn about Nova Scotia's economy.

If you find bad links, errors or outdated information, please report it here.

Thomas Storring
Director of Economics/Statistics
Tel: 902-424-2410
Email: storrith@gov.ns.ca


Orange ClockFor More Information

Thomas Storring
Director of Economics/Statistics
Tel: 902-424-2410
Email: storrith@gov.ns.ca