Nova Scotia's Economy Grows Faster Than Canada's

PREMIER'S OFFICE--Nova Scotia's Economy Grows Faster Than Canada's

New figures from Statistics Canada show Nova Scotia's economy continues to grow at a higher rate than the national average.

"For the second straight year since the release of our growth strategy, Nova Scotia's economy continues to be among the country's leaders," said Premier John Hamm. "It's proof that our plan for more jobs, more growth and more prosperity is working."

The federal report, titled Provincial and Territorial Gross Domestic Product (GDP), showed that Nova Scotia's GDP grew by 3.8 per cent in 2002, compared to the national growth rate of 3.4 per cent. In 2001, Nova Scotia's GDP grew by 2.5 per cent, compared to the national growth rate of 1.5 per cent.

"I would like to thank the many Nova Scotians who worked hard to achieve this growth," said the premier. "By working together through our growth strategy, our province's economy keeps growing, putting more Nova Scotians to work than at any time in our history."

The Statistics Canada report said that Nova Scotia's growth in 2002 was due to the following reasons:

• increased exports;
• more shipbuilding production;
• more investment in residential construction;
• higher housing starts;
• increased new car and furniture sales; and
• higher labour income.

"As a government, we must continue to implement our growth strategy so that more Nova Scotians can share in the province's prosperity," said Economic Development Minister Cecil Clarke. "Lowering taxes for working families, starting this summer, is an important next step to keep our economy growing."

Released in the fall of 2000, Opportunities for Prosperity was the province's first economic growth strategy in a decade. Over the next several weeks, the government is providing an update on the strategy's progress to date.