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Economic growth is expected to accelerate moderately for Nova Scotia with 2.0% GDP growth forecasted for 2014, according to RBC Economics. Service industries are forecasted to grow 1.5% in 2014 and retail sales are expected to grow by 3.1% this year. The commencement of full production at Deep Panuke, countering waning output at Sable, is setting the stage for the province’s moderate gains, combined with renewed strength in manufacturing exports. Strength in auto sales in the US is expected to support the province’s largest export – rubber tires – however, an anticipated reduction in production capacity by the province’s largest manufacturer may dampen potential gains for the province. Job growth is expected to be slow at 0.3%-0.4% following a decrease in employment last year. The slight recovery in the job market is expected to aid in restoring consumer confidence, providing a lift in overall consumer spending.
Source : Cushman & Wakefield
