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

• The economic outlook from the Nova Scotia Department of Finance 2013-2014 budget is for Nova Scotia’s Real GDP to advance +1.3 percent in 2013 followed by +1.5 percent in 2014.

• The March consensus outlook for Nova Scotia’s Real GDP growth in 2013 is +1.6 percent followed by +2.1 percent in 2014. Major projects such as the Maritime Link and vessel construction at the Halifax Shipyard have potential impact over the medium term.

• Ongoing sovereign debt issues in Europe continue to weigh on the global recovery. Europe is in recession. Growth in emerging countries has calmed. US prospects continue to improve but the challenge of fiscal consolidation remains.  Global growth is expected to remain modest as governments in major advanced countries continue to withdraw stimulus.

• Employment in Nova Scotia grew by +0.6 percent in 2012 after several years of minimal change. Since 2008, labour force growth has outpaced employment growth so the unemployment rate remains elevated; 9.0 percent in 2012 compared to 8.8 percent in 2011.

• Retail sales in Nova Scotia have slowed from their levels in the previous two years, similar to the trend in Canada. In 2012, Nova Scotia’s retail sales grew by +1.0 percent. New vehicle sales in Nova Scotia appear to have rebounded in 2012 with the number of vehicle unit sales increasing +6.1 percent the value of new vehicle sales increasing +5.9 percent.

• The re-opening of the NewPage facility is expected to boost export figures for 2013. In 2012, manufacturing sales fell -2.9 percent and international exports were down -14.6 percent; with exports from energy and forestry products declining. 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.  
• Canada’s economy slowed in the 3^rd and 4^th quarter of 2012, expanding at an annualized rate of +0.6 percent in both quarters. Small declines in primary industries, and falling Federal government and military expenditures slowed growth to +1.8 percent in Canada in 2012

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