Economy

The employment rate is the percentage of Canadian adults (15 years of age and over but excluding those living on reserves, in the military or institutionalized) working for pay.

In 2010 at 58.2%, Nova Scotia had an employment rate 5.5% lower than the national rate of 61.6%. From 2000 to 2010, Nova Scotia’s employment rate increased 4.5% from 55.7% to 58.2%, compared to an increase of 0.5% nationally from 61.3% to 61.6%.

In 2010, 452,500 people were employed in Nova Scotia, up 0.2% from 451,400 in 2009. This growth rate is 86.0% below the national rate of 1.4%. From 2000 to 2010, Nova Scotia’s compounded average annual employment growth rate was 1.1%, 31.3% below the national rate of 1.6%.

The unemployment rate is the percentage of Canadians in the labour force – i.e. those either employed or actively seeking employment – who are currently not employed.

In 2010, the unemployment rate for Nova Scotia was 9.3%, 16.3% above the national level of 8.0%, and up 1.1% from 9.2% in 2009. From 2000 to 2010, Nova Scotia's average unemployment rate was 8.8%, 23.9% higher than the national rate of 7.1%.

Recent Immigrants

In 2010, the unemployment rate of recent immigrants (i.e., those who entered the country within the last five years) was 11.9% in Nova Scotia, 26.6% above the non-immigrant rate of 9.4%. Nova Scotia’s 2010 rate was 24.7% below the national unemployment rate of recent immigrants of 15.8%.

Less Recent Immigrants

In 2010, the unemployment rate of less recent immigrants (i.e., those who entered the country more than 10 years ago) was 4.8% in Nova Scotia, 49.0% below the non-immigrant rate of 9.4%. Nova Scotia’s 2010 rate was 41.5% below the national unemployment rate of less recent immigrants of 8.2%.

In 2010, the youth unemployment rate was 15.9% in Nova Scotia, 7.4% above the national rate of 14.8%. The youth unemployment rate decreased 8.1% from 17.3% in 2009 and was essentially unchanged from 15.8% in 2000.

In 2010, median hourly earnings in Nova Scotia were $16.92, 9.6% lower than the national figure of $18.71 while average hourly earnings were $19.90, 6.3% lower than the national figure of $21.23.

The gross domestic product (GDP) is one of the primary indicators of a region’s economic performance. Real GDP is an inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices.

In 2010, real GDP in Nova Scotia reached $27.2 billion, up 2.3% from its 2009 level of $26.6 billion. From 2001 to 2009, Nova Scotia’s real GDP grew an average of 1.5% annually, compared to an average growth rate of 1.7% nationally. In 2010, Nova Scotia accounted for 2.1% of the total real GDP of Canada.

In 2010, Nova Scotia’s real GDP per worker was $60,127, up 2.1% from its 2009 level of $58,900 and 22.7% lower than the Canada-wide level ($77,753). From 2001 to 2009, Nova Scotia’s compound average annual per worker GDP growth rate was 0.7%, compared to 0.4% nationally.

In 2009, the personal disposable income per capita in Nova Scotia was $23,130, up 18.8% from $19,469 in 2000 and 10.8% lower than the national level of $25,938. From 2000 to 2009, Nova Scotia’s compound average annual personal disposable income per capita growth rate was 2.6%, 44.4% above the national growth rate of 1.8%.

In 2009, Nova Scotia’s consumer bankruptcy rate per 1,000 people was 6.2, 37.8% higher than the national rate (4.5). Since 2000, Nova Scotia’s consumer bankruptcy rate per 1,000 people has consistently exceeded the national rate.

In 2009, Nova Scotia’s business bankruptcy rate per 1,000 people was 2.8, 16.7% higher than the national rate (2.4). Since 2000, Nova Scotia’s business bankruptcy rate per 1,000 people has consistently exceeded the national rate.

Public sector means those who work for a local, provincial or federal government, for a government service or agency, a crown corporation, or a government funded establishment such as a school (including universities) or hospital. Private sector means those who work as employees of a private firm or business.

In July 2011, there were 451,400 workers in Nova Scotia. Of these workers, 272,200 (60.3%) were employed in the private sector, down 3.9% from 283,100 in July 2010; 117,400 (26.0%) were employed in the public sector, up 5.7% from 111,100; and 61,800 were self-employed, up 1.0% from 61,200.