Busy drydocks and full lobster traps will help Nova Scotia grow, says a report from BMO.
Nova Scotia’s real GDP is expected to grow 1.6% this year (up from 0.8% in 2013) and should hit 2% mrk in 2015, says Robert Kavcic, a senior economist BMO Capital Markets. “Growth prospects continue to improve as work on Irving Shipbuilding’s contract to build ships for the Royal Canadian Navy will be underway in early 2015.”
Nova Scotia’s lobster industry has improved because of strong catches and rising prices, says Carolyn Booth, senior vice president of the Atlantic provinces division at BMO. “The weakening Canadian dollar and efforts to market Nova Scotia lobsters more aggressively in both Europe and Asia should continue to benefit the industry.”
The province is expecting to benefit from oil and gas exports this year, with increased growth coming from the Deep Panuke natural gas project offsetting decreased production at the Sable project. “Offshore exploration activity is also picking up, with BP and Shell set to spend roughly $2 billion in the coming years,” Kavcic says.