Nova Scotia's Profile
Economic Indicators in 2021
- Gross domestic product (GDP): $51.9 billion
- GDP per capita: $52,400
- Population: 991,100
- International merchandise exports and imports: 36.2% of GDP
Economic Activity by Sector in 2022
- Goods: 19.6% of GDP
- Construction: 7.4% of total GDP
- Manufacturing: 7.3% of total GDP
- Services: 80.4% of GDP
- Real estate, and rental and leasing: 16.4% of total GDP
- Public administration: 12.7% of total GDP
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Michel Cristerna
Research and Education
Publication No. 2023-507-E
17 July 2023
Nova Scotia's Merchandise Trade
Nova Scotia's merchandise trade with the world in 2021: $18.8 billion
- Exports: $6.5 billion, a 17.0% increase from 2020
- Imports: $12.3 billion, a 10.8% increase from 2020
Trade deficit in 2021: $5.7 billion, an increase from $5.5 billion in 2020
Exports in 2021: 1.0% of the total value of Canadian exports, a decrease from 1.1% in 2020
Imports in 2021: 1.9% of the total value of Canadian imports, unchanged from 2020
Exports as a percentage of GDP in 2021:
- Nova Scotia – 12.6%, an increase from 11.9% in 2020
- Canada – 25.2%, an increase from 23.5% in 2020
Imports as a percentage of GDP in 2021:
- Nova Scotia – 23.6%, unchanged from 2020
- Canada – 26.0%, a decrease from 26.4% in 2020
Exports in 2022:
- Resource-based goods – 25.3%, a decrease from 25.5% in 2021
- Manufactured goods – 74.7%, an increase from 74.5% in 2021
Highest-valued exports in 2022: Crustaceans and rubber tires, together accounting for 43.7% of the total value of provincial exports
- Crustaceans: $1.8 billion, unchanged from 2021
- Rubber tires: $1.2 billion, an increase from $1.1 billion in 2021
Major export destinations, by region, in 2022:
- United States, at 65.3% of the total value of exports
- Asia, at 19.9% of the total value of exports
- Europe, at 11.6% of the total value of exports
Major export destinations, by country, in 2022:
- United States, at $4.3 billion
- China, at $730.0 million
- France (including Monaco and the French Antilles), at $130.0 million
Nova Scotia's Services Trade
Nova Scotia's services trade with the world in 2021: $3.9 billion
- Exports: $2.2 billion, a 5.2% increase from 2020
- Imports: $1.7 billion, a 1.8% decrease from 2020
Trade surplus in 2021: $582 million, an increase from $441 million in 2020