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, despite maturation-related declines at the Sable offshore field. 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 rounding out its first year back in full production. U.S. auto sales are also expected to rebound in 2014 which will bolster demand for the province’s largest export, rubber tires. The province’s labour market is expecting an overall setback in employment for 2013 with a decline of .2% (RBC). Employment continues to be of concern for the province, as the labour force growth has continually outpaced employment growth since 2008, resulting in the unemployment rate remaining higher than pre-recession lows. Employment losses in 2013 have been noted in the manufacturing, finance, insurance, real estate and leasing, educational services, and accommodation and food services sectors (NS Dept. of Finance).
Source : Cushman & Wakefield