A new report issued by The Conference Board of Canada shows that demographic issues have weakened Nova Scotia’s economy.
The Provincial Outlook Executive Summary-Spring Edition says that the economic outlook in this province “is among the weakest in Canada.”
“Real GDP growth is expected to be 0.5 per cent this year and 0.7 per cent in 2018,” says the report, released Monday.
The report said shipbuilding is providing a boost, but growth in goods-producing will stay flat. Plus, construction will see declines “as the Maritime Link Transmission Project and Halifax Convention Centre are completed.”
Job creation is expected to improve, but there are issued there also.
“Employment will not be able to keep growing over the medium term, as the labour supply is being limited by the aging of the population,” the report said.
“Housing starts will fall . . . following a small uptick this year due to demand in Halifax.”
It said heath-care services demand is rising, and increased demand for social assistance is “offsetting the decline in education spending.”
“Overall, growth in non-commercial services is forecast at 0.4 per cent this year and one per cent in 2018.”