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Halifax, Nova Scotia : Office Snapshot - Q1 2013

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Halifax, Nova Scotia : Office Snapshot - Q1 2013

Calculations for 2012 are still in the final stages but it is forecasted that Real GDP will rest at 1.1% for the province. While economic growth in 2012 unfolded weaker than expected for Nova Scotia, the outlook for 2013 is looking more positive with projected growth of 1.9% in Real GDP. Due to many delays, mainly at Deep Panuke and Sable Island, Natural Gas did not create the boost in revenue that was expected in 2012; however, recommencement of these projects in 2013 should have a significant positive impact to the provincial economy. Further improvement in provincial exports this year is another sure sign of positive growth within Nova Scotia. The forestry and energy sectors are expected to fare better in 2013 compared to 2012. Coupled with the provinces main exports to the U.S. (rubber tires) and China (fish and crustacean), this should help boost export sales in 2013. Employment is forecasted to drop to 0.3% (a 0.3% decrease from 2012), and the unemployment rate is forecasted to remain the same as last year at 9.0%. Expect to see growth in retail sales for 2013 to 3.4%, à 2.4% jump from 2012.

Source : Cushman & Wakefield

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