Nova Scotia: provincial economy at a glance

Nova Scotia against the other nine

Nova Scotia has one of the strongest growth records among the provinces and a labour market that is moderate rather than tight. Real GDP grew 16.8% from 2019 to 2025, third of ten (22.4% from 2020, when the pandemic depressed output, also third), and output across all industries is 15.9% above 2019, also third. Employment changed by 4.1% from a year earlier, the strongest of the ten. The unemployment rate of 6.2% is down from 6.7% a year earlier, seventh of ten, and the participation rate of 62.4% is eighth.

The data behind this graphic

Change in real GDP since 2019, by province

Item	Value
Prince Edward Island	22.7%
British Columbia	18.2%
Nova Scotia	16.8%
Ontario	13.3%
Alberta	13.0%
Quebec	11.8%
Saskatchewan	11.6%
New Brunswick	11.2%
Manitoba	8.2%
Newfoundland and Labrador	1.8%

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Prices are the offsetting fact. Consumer prices rose 5.6% in the twelve months to September 2026, the second highest of the ten provinces, and average weekly earnings growth of 3.6% in the twelve months to August 2026, sixth of ten, fell short of inflation. The population grew 0.8% in the year to 1 July 2026, level with Prince Edward Island at one decimal and behind Alberta, New Brunswick and Saskatchewan; net movement to and from other provinces over the latest four quarters was 3,863 persons, third highest, and non-permanent residents changed by -357.

Construction and services, not resources

Among the industries shown, output grew fastest between 2019 and 2025 in professional services (42.1%), construction (36.5%, third of ten) and health care (24.3%). Measured by the change in chained 2017 dollars, the largest gains were in real estate and rental and leasing (C$1.3 billion) and health care (C$1.1 billion), against C$917 million for construction. Manufacturing grew 4.7%, one of only four provinces where factory output is above its 2019 level. Agriculture changed by -12.8% and mining and oil and gas extraction by -44.2%, the weakest mining figure among the provinces, in industries that employ few people here: in 2025 mining and oil and gas extraction employed 0.5% of workers.

The data behind this graphic

Change in real output since 2019, Nova Scotia

Item	Value
Professional services	42.1%
Construction	36.5%
Health care	24.3%
All industries	15.9%
Manufacturing	4.7%
Agriculture	-12.8%
Mining and oil and gas	-44.2%

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Domestic goods exports were C$6.6 billion in 2025, 69.4% of them to the United States and 0.8% energy products. In 2025 the largest employers were health care (16.4% of jobs), retail (12.4%), construction and education.

Building at a steady pace, with the lowest liabilities relative to revenue

Housing starts over the latest twelve months were 7.0 per thousand residents, fifth of ten, against a five-year rate of 6.8: the pace is close to its recent norm. In the fiscal year that began in April 2024 the government's net operating balance was C$520 million on revenues of C$17.6 billion, a surplus of 3.0% of revenue, and its liabilities were 1.30 times revenue, the lowest multiple of the ten provinces. The basis is Statistics Canada's, not the province's own accounts.

The data behind this graphic

Housing starts per thousand residents

Item	Value
Alberta	9.7
Prince Edward Island	9.6
New Brunswick	8.6
British Columbia	7.6
Nova Scotia	7.0
Quebec	6.6
Manitoba	5.8
Saskatchewan	5.0
Ontario	3.8
Newfoundland and Labrador	3.3

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What it means for decisions

What the data cannot say: they do not separate Halifax from the rest of the province, they do not explain why prices have risen faster than in most provinces, and the labour survey is a sample. Nothing here is a forecast.

Labour market and prices

The unemployment rate was 6.2% in October 2026, ranking 7th of 10 among the ten provinces (1st = highest). Employment changed by 4.1% over the year and the participation rate was 62.4%. Average weekly earnings were C$1,223 a week in August 2026, ranking 9th of 10. Consumer prices were up 5.6% in September 2026 on a year earlier, ranking 2nd of 10.

People and output

The population was 0.8% higher than four quarters earlier. Net interprovincial migration over the latest four quarters was 3,863 persons (negative = net outflow), and non-permanent residents changed by -357. Real GDP changed 22.4% from 2020, when the pandemic depressed output, to 2025, and 16.8% from 2019. Retail sales in August 2026 were 8.5% higher than a year earlier.

Economic structure and trade exposure

In 2025 (the year of the table's latest annual average), health care and social assistance employed 16.4% of Nova Scotia's workers, retail trade 12.4%, construction 8.3% and public administration 7.4%. Among goods-producing groups, agriculture 0.7%; forestry, fishing, mining, quarrying, oil and gas 2.1%; and manufacturing 6.7%. Finance and insurance employed 4.4% and professional, scientific and technical services 7.1%.

Domestic merchandise exports were C$6.6 billion in calendar year 2025. 69% went to the United States and energy products were 1% of the total; energy products sent to the United States were 0.3% of all the province's domestic exports. These are customs-basis goods exports assigned to the province of origin as Statistics Canada defines it; they exclude services, which are a large part of some provincial economies, and the province of export clearance can differ from the province of production for some commodities.

Employment shares and export shares describe the structure of the economy; they do not by themselves show which industries drive growth, incomes or public revenue, or how exposed the province is to a given shock.

Long-run perspective

Population is 29.3% higher on 1 July 2026 than on 1 January 1981, against 69.5% for Canada as a whole. Real GDP (at 2017 constant prices) is 132.7% higher in 2025 than in 1981; this is a level comparison between two years, not an average annual rate, and it is not compared with a national figure here because the national real GDP series is monthly and on a different basis.

Employment is 46.8% higher in October 2026 than in June 1993, the start of the national series used here (65.1% for Canada). Over the past forty years the unemployment rate has ranged from 5.4% (January 2023) to 15.7% (December 1993); it was 6.2% in October 2026, against 6.7% for Canada.

Average weekly earnings, in current dollars and not seasonally adjusted, are 111.2% higher in August 2026 than in the same month twenty-five years earlier (106.8% for Canada). These are nominal figures: they include the effect of price increases over twenty-five years and are not a measure of the change in purchasing power.

These comparisons describe the size of changes between two dates. They do not say why this jurisdiction differs from Canada, and the end points can matter: a different starting year changes the percentage.

Public finances

For the fiscal year that began in April 2024, on Statistics Canada's basis, the provincial government's revenue was C$17.6 billion and its expense C$17.1 billion, leaving a net operating balance of C$520 million (3.0% of revenue). Grants received from other governments (mostly federal transfers; the table does not split them by payer) were C$6.1 billion, 34.6% of revenue. Liabilities at the end of the year were C$22.8 billion and net worth -C$755 million. These are past-year accounts, not the current budget.

What is not assessed

Why these figures differ from other provinces, industry structure beyond the latest employment shares, housing prices and rents, exports by destination over time, the current budget and credit ratings, major projects, and policy changes. This profile cites no source that explains Nova Scotia's position, and nothing here is a forecast.