Nova Scotia’s projected real GDP growth is still expected to make a modest recovery despite falling slightly to 1.2% from Q2’s projection of 1.7%. This downward adjustment is due in part to a slow increase in domestic activity, as well as a decline in natural gas production in the first half of 2013 (RBC).
In addition, further delays at the Deep Panuke offshore natural gas facility is pushing back the anticipated natural gas export recovery, and is expected to contribute more significantly to growth in 2014 than the current fiscal year. Year-to-date growth for Nova Scotia has surpassed that of other provinces because of a sharp increase in exports to the U.S. after a decline in 2012. Year-to-date employment rates dropped in August, bringing down any previous indications of improvement in the province’s labour markets this year (RBC).
Source : Cushman & Wakefield