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Halifax : Office Snapshot - Q2 2013

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Halifax : Office Snapshot - Q2 2013

Real GDP growth is projected at 1.7% in Nova Scotia for 2013, a 0.2 percentage point drop  from the forecasted rate reported in Q1 2013 Overall, economic growth moved at a sluggish pace over the first half of 2013, with provincial industry output growth estimates essentially flat at 0.2% - the slowest pace since 2009, (RBC Economics). As discussed in Q1 2013, this weakness can mainly be attributed to various Natural Gas project delays, a decline in forestry export output, and weak domestic performance. The positive news is that this lull is expected to be temporary and the economy should gain some momentum during the  second half of 2013, mainly due to the startup at Deep Panuke later this year. The weak domestic economic progress experienced last year has continued into 2013. Increases in self-employment and public sector employment are masking the declines seen so far in private sector employment. The end result is that the unemployment rate is expected to remain relatively steady at 9.1%. RBC Economics also reports that retail sales have struggled to regain positive ground following continued year-over-year declines in motor vehicle sales.

Source : Cushman & Wakefield

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