As was reported last quarter, Nova Scotia’s projected real GDP growth is expected to settle at 1.2% for 2013. Full production has commenced at the Deep Panuke offshore natural gas facility and is expected to significantly contribute to RBC’s forecasted 2.1% GDP growth rate for 2014. Nominal exports in the province have recovered from lows experienced in 2012 and were bolstered by a surge in paper product exports with the Port Hawkesbury mill resuming production. The province’s labour market is expecting an overall setback in employment for 2013 with a decline of .2% (RBC). Key challenges in the labour market for 2013 were the availability of skilled labour; the result of out-migration to the western provinces, along with productivity performance (BMO Capital Markets).
Source : Cushman & Wakefield