Nova Scotia GDP: $44.9 Billion CAD (2023)
2023 ECONOMIC OVERVIEW:
• Total GDP: $44.9 billion CAD
• Per Capita GDP: $46,211 CAD
• Growth Rate: +2.3% (2022-2023)
• National Rank: 7th among provinces
• Share of Canadian GDP: 1.8%
GDP by Economic Sector
SERVICES SECTOR ($28.7B - 64%):
• Government Services: $7.2B (16%)
• Healthcare & Social Services: $4.8B (11%)
• Professional Services: $3.9B (9%)
• Finance & Insurance: $3.1B (7%)
• Education: $2.8B (6%)
• Tourism & Hospitality: $2.4B (5%)
• Retail Trade: $2.2B (5%)
• Transportation: $2.3B (5%)
GOODS-PRODUCING SECTOR ($16.2B - 36%):
• Manufacturing: $4.7B (10%)
• Natural Resources: $4.1B (9%)
• Construction: $3.8B (8%)
• Agriculture & Fishing: $2.1B (5%)
• Mining & Energy: $1.5B (3%)
Major Industries
NATURAL RESOURCES:
• Forestry: $1.8B annually
• Fisheries: $1.2B (lobster, scallops, fish)
• Mining: $800M (gypsum, salt, aggregates)
• Energy: $700M (offshore oil, renewable energy)
MANUFACTURING:
• Food Processing: $1.4B
• Aerospace: $1.1B (Pratt & Whitney, IMP Group)
• Shipbuilding: $900M (Irving Shipbuilding)
• Tires: $800M (Michelin North America)
• Paper & Pulp: $500M
Economic Growth Trends
GDP GROWTH HISTORY:
• 2023: $44.9B (+2.3%)
• 2022: $43.9B (+4.1%)
• 2021: $42.2B (+3.8%)
• 2020: $40.6B (-3.2% - COVID impact)
• 2019: $42.0B (+1.9%)
GROWTH DRIVERS:
• Population Growth: Immigration and retention
• Infrastructure Investment: Federal/provincial projects
• Technology Sector: Ocean tech, IT, startups
• Tourism Recovery: Post-pandemic rebound
• Energy Transition: Renewable energy projects
Employment and Wages
LABOUR MARKET (2023):
• Labour Force: 491,850 people
• Employment: 452,700 people
• Unemployment Rate: 7.9%
• Average Weekly Earnings: $1,089
• Median Household Income: $62,850
Provincial Comparison
GDP BY PROVINCE (2023):
• Ontario: $857.4B
• Quebec: $439.2B
• Alberta: $344.6B
• British Columbia: $295.4B
• Saskatchewan: $77.8B
• Manitoba: $65.9B
• Nova Scotia: $44.9B
• New Brunswick: $36.2B
• Newfoundland: $33.1B
• PEI: $7.4B
Per Capita Income
INCOME COMPARISONS:
• Nova Scotia: $46,211 CAD
• Canadian Average: $54,866 CAD
• Atlantic Average: $43,890 CAD
• Gap with National: -15.8%
Economic Challenges
STRUCTURAL ISSUES:
• Aging Population: Workforce demographics
• Out-migration: Youth leaving for opportunities
• Productivity Gap: Below national average
• Geographic Isolation: Distance to major markets
• Infrastructure Needs: Transportation, broadband
Government Finances
PROVINCIAL BUDGET (2023-24):
• Total Revenue: $13.1B
• Total Expenditure: $12.9B
• Budget Surplus: $200M
• Debt-to-GDP: 35.2%
• Credit Rating: AA- (S&P), Aa2 (Moody's)
Economic Development Initiatives
GROWTH STRATEGIES:
• Innovation Hub: Ocean Supercluster
• Immigration: Provincial Nominee Program
• Infrastructure: Twinning Highway 104
• Energy: Offshore wind development
• Tourism: Marketing and infrastructure investment
Trade and Exports
MAJOR EXPORTS (2023):
• Seafood: $2.1B (lobster, scallops, fish)
• Forest Products: $1.8B (pulp, lumber)
• Energy: $1.2B (electricity, petroleum products)
• Manufactured Goods: $900M (tires, aircraft parts)
• Agriculture: $600M (blueberries, potatoes)
Technology and Innovation
EMERGING SECTORS:
• Ocean Technology: $500M sector
• Information Technology: $400M and growing
• Clean Technology: $300M renewable energy
• Life Sciences: $200M biotech and healthcare
• Cannabis: $150M licensed production
Future Economic Outlook
2024-2026 PROJECTIONS:
• GDP Growth: 2.1-2.8% annually
• Population Growth: 1.2% annually
• Employment Growth: 15,000 new jobs by 2026
• Infrastructure Investment: $8B over 5 years
• Clean Energy: $2B offshore wind projects
ECONOMIC OPPORTUNITIES:
• Offshore Wind: Multi-billion dollar potential
• Immigration: Doubling newcomers by 2030
• Port Expansion: Halifax container terminal
• Hydrogen Economy: Green hydrogen production
• Tourism Growth: 50% increase target by 2030