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September 15, 2014
CURRENT ECONOMIC ENVIRONMENT

The Economics and Statistics Division has revised its Current Economic Environment report to include the latest outlook and information on Nova Scotia's economy, national economic performance and the global economic environment. The following are some highlights from the report:

HIGHLIGHTS
  • Preliminary estimates for 2013 show Nova Scotia grew at 0.8 per cent in 2013, a pace similar to recent years. The economy is forecasted to pick up in both 2014 to 1.4 per cent and again in 2015 to 1.9 per cent.
  • Amid new geopolitical crisis the global economy has continued to recover and will strengthen over the next two years.
  • After a decline in activity in the winter, the US economy expanded 4.2 per cent in the second quarter as improving labour markets have allowed extraordinary monetary stimulus to be slowed.
  • Canada real GDP expanded for the twelve consecutive quarter with consumer spending continuing to account for the largest gains. Exports have picked up but sustained activity in the sector will be needed to reinvigorate business investments that have been weak for the past few years.
  • Inflation has risen closer to 2 per cent in both Canada and Nova Scotia in recent months as price pressures from a lower Canadian dollar and energy are passed to consumers. Core CPI in Canada was 1.7 per cent in July 2014.
  • Nova Scotia international goods exports have grown 41.1 per cent in 2014 as natural gas production from Deep Panuke has been near full capacity since January and non-energy exports have seen robust growth.
  • So far in 2014, the labour force and employment have both declined by 1.8 per cent. A large decline occurred in the number of self-employed and a smaller decline in the number of employees.
  • Residential investment declined 19.6 per cent over the first half of the year as new dwelling construction slowed for singles and apartments. Housing inventories are up and home prices are flat or falling in 2014.
  • Non-residential construction has fallen 5.9 per cent over the first half of the year as the previous year high level of commercial buildings construction has not been repeated.
  • Retail sales increase 2.4 for Jan-July 2014 with greater sales at gasoline stations, general merchandise stores, and motor vehicles and part dealers.



    September 15, 2014
    EA, EU TRADE BALANCE IN GOODS, JULY 2014

    EA18 In July 2014, the Euro Area (EA18) reported a (non-seasonally adjusted) balance of trade in goods surplus of 21.2 billion euro. Seasonally adjusted exports declined 0.2% over June 2014, and seaonally adjusted imports increased 0.9% over June 2014.
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    September 15, 2014
    WEALTH INEQUALITY IN CANADA

    The Broadbent Institute released its report on wealth inequality in Canada, HAVES AND HAVE-NOTS: Deep and persistent wealth inequality in Canadať, on September 11, 2014 The growing income share of the richest 1% is top of mind for many academics and public policymakers. Looking at wealth as a measure of inequality, however, provides a view of the broad economic resources beyond income available to an individual or family. Income is the amount of money an individual or family earns each year, whereas wealth represents net worth: the total value of assets minus debts.
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    September 15, 2014
    CULTURE SATELLITE ACCOUNT

    The Canadian Culture Satellite Account (CSA) developed by Statistics Canada, with the support of the Department of Canadian Heritage and its many partners, was released on September 10, 2014. The Canadian CSA provides measures of the economic importance of culture (inclusive of the arts and heritage) and sport in Canada in terms of output, gross domestic product and employment, for reference year 2010. The CSA is a product of both the 2011 Canadian Framework for Culture Statistics (CFCS) and the Canadian System of National Accounts (CSNA). The CFCS provides the guiding principles to define and identify cultural economic activity, whereas the CSNA provides the mechanism and data to derive the estimates.
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    September 12, 2014
    TERANET-NATIONAL BANK HOUSE PRICE INDEX, AUGUST 2014

    In July 2014, house prices in Halifax increased by 0.5 percent compared to July, and were up by 0.9 percent compared to August 2013. The House Price Index in Halifax is 142.040 this month. Compared to July 2014, the 6 City (Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax) and the 11-City (Ottawa, Toronto, Hamilton, Calgary, Edmonton, Vancouver, Victoria, Winnipeg, Montreal, Quebec City and Halifax) Composite Indexes were both up 0.8 percent, month over month.
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  • Recent PublicationsLabour Market Monthly
    Consumer Price Index
    Nova Scotia Economic Indicators - August 2013
    Current Economic Environment
    Indicators of Prosperity - 2012

    Statistics at a Glance(Mouse over items for details)
    Building Permits +20.9%
    Consumer Price Index +2.0%
    CPI (Annual) +1.2%
    Debt: GDP 34.8%
    Deficit/Surplus: GDP D: 0.5%
    Employment Growth 0.0%
    Employment Level 447.0
    Exports (Domestic) +2.8%
    GDP (millions, 2012) 38397
    GDP Growth (2012) -0.1%
    Income (per capita) $33,934
    Manufacturing Shipments 5.3%
    Non-res. Investment -6.2%
    Population July 1, 2013 940,789
    Res. Investment -17.6%
    Retail sales +2.0%
    Unemployment Rate 8.7%
    Wholesale Trade -1.4%

    Orange ClockFor More Information

    Thomas Storring
    Director of Economics/Statistics
    Tel: 902-424-2410
    Email: storrith@gov.ns.ca