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November 05, 2026PROVINCIAL GDP BY INCOME AND EXPENDITURE ACCOUNTS 2025 Nova Scotia's real GDP grew by 3.0% in 2025 following a revised 3.2% increase in 2024. Canada's real GDP increased by 1.9% with gains reported in all provinces. Québec had the slowest annual increase in GDP and Newfoundland and Labrador had the largest increase.
Data for 2023 and 2024 were also revised. Nova Scotia's real GDP growth for 2024 was revised up from 3.1% to 3.2% while growth in 2023 was revised down from 2.4% to 2.2%.
Nominal GDP growth was revised from 8.0% in 2024 to 9.0% and from 7.6% in 2023 to 7.0%. As a result of these revisions, nominal GDP in 2023 was revised down from the previous estimate of $60.49 billion to $60.15 billion. Nominal GDP was $65.57 billion in 2024 and $69.93 billion in 2025.
Nova Scotia's real GDP growth was little changed in 2025 (3.0% compared with a revised 3.2% in 2024). Nominal GDP growth slowed to 6.6% (from a revised 9.0%) as the implicit price deflator grew at a more moderate, though still historically elevated, pace of 3.5%.
Nova Scotia's nominal GDP growth was 6.6% in 2025, including the increase in value associated with both price and volume changes. Nova Scotia reported the second fastest nominal GDP growth among provinces, just behind New Brunswick (6.7%). National nominal GDP growth was 4.4% with gains in all provinces. Alberta had the slowest growth (1.8%).
Nova Scotia's per capita nominal GDP amounted to $63,853 per person, or 81.8% of the national average. Nova Scotia's nominal GDP per capita was the third lowest among provinces. Alberta reported the largest nominal values of GDP per capita.
Nova Scotia's real GDP per capita was $48,273 or 80.2% of the national average - 2nd lowest (ahead of New Brunswick only). Alberta reported the highest real GDP per capita among provinces.
Nova Scotia's household consumer expenditures grew by 2.0% in real terms and 4.9% in nominal terms (the fifth fastest among provinces in both cases).
National household spending increased by 2.0% in real terms and 4.5% in nominal terms. Household consumption spending grew in all provinces. Prince Edward Island reported the fastest growth in real terms and Newfoundland and Labrador had the fastest growth in nominal terms, while Québec had the slowest growth in real consumer spending and Alberta had the slowest growth in nominal consumer spending.
Despite nominal GDP per capita of 81.8% of the national average, Nova Scotia's nominal household consumer expenditures per capita were $42,166 in 2025 or 99.2% of the national average. Per capita household consumption was highest in British Columbia and lowest in Manitoba.
Final consumption expenditures from all levels of government were up 3.4% in real terms for Nova Scotia and 8.0% in nominal terms (the fourth fastest among provinces in both cases). National government expenditures grew 2.5% in real terms and 6.8% in nominal terms. Government spending grew in all provinces. New Brunswick reported the fastest growth in government spending (both in real and nominal terms) while Alberta reported the slowest growth (both real and nominal).
Nova Scotia reported the highest level of nominal government expenditures per capita among provinces at $21,852. As these expenditures include all levels of government, Nova Scotia's large military presence increases government expenditures per capita to 128.0% of the national average. Government consumption expenditures per capita were lowest in Alberta.
Nova Scotia's investment in residential structures (including both new and renovation spending) was up 2.0% in real terms and 6.3% in nominal terms. National residential investment was up 1.2% in real terms and 3.0% in nominal terms. In both real and nominal terms, residential investment was up in all provinces except Ontario.
Nova Scotia's residential investments amounted to $5,710 per capita in 2025 or 99.4% of the national average. Residential investments per capita shown here are in nominal terms and elevated home prices in Ontario and British Columbia contribute to higher investments per capita in these provinces (Alberta also exceeded the national average). Newfoundland and Labrador reported the lowest per capita investments in residential structures.
Nova Scotia had a 2.2% decline in business investment for non-residential structures as well as machinery and equipment (-0.3% in nominal terms). National non-residential and machinery investment was up 0.1% in real terms and 3.5% in nominal terms. Five provinces reported higher real non-residential investment while eight provinces reported higher non-residential investment in nominal terms. Newfoundland and Labrador reported the fastest growth in non-residential and machinery investment while British Columbia reported the steepest decline (in both real and nominal terms).
Nova Scotia's overall level of per capita business investment in non-residential structures, machinery and equipment was the lowest among provinces at $3,738 or 54.3% of the national per capita value. Alberta, Saskatchewan, and Newfoundland and Labrador all reported substantially higher per capita business investments in non-residential structures, machinery and equipment.
Government (as opposed to business) investment in Nova Scotia increased by 12.5% in real terms and 18.3% in nominal terms - the fourth fastest growth among provinces in real terms and the third fastest in nominal terms. Nationally, government investments increased 5.6% in real terms and 8.8% in nominal terms. Prince Edward Island reported the fastest growth (23.7% in real terms and 26.4% in nominal terms). Government investment declined in Newfoundland and Labrador and Québec in both real and nominal terms.
On a per capita basis, Nova Scotia reported the highest level of nominal government investments in 2025 at $5,597 or 173.7% of the national average. New Brunswick and Ontario reported the lowest level of government investment per capita in 2025 (each about $2,668).
Nova Scotia's exports of goods and services - which includes both international and interprovincial destinations - fell 3.3% in real terms (the second steepest decline among provinces, behind New Brunswick) but rose 4.1% in nominal terms (the third fastest, behind Ontario and Prince Edward Island). National exports were down 1.1% in real terms with gains in only four provinces (Newfoundland and Labrador, British Columbia, Alberta and Ontario). Nominal exports were up 2.3% nationally with gains in every province except New Brunswick, Alberta and Saskatchewan (and little change in Manitoba).
Nova Scotia's per capita exports were the lowest among provinces - by a substantial margin. The $20,625 in per capita interprovincial and international exports from Nova Scotia amounted to 54.5% of the national average. Alberta and Saskatchewan reported the highest exports per capita.
Nova Scotia's imports fell by 1.3% in real terms but grew by 3.4% in nominal terms. Canada's real imports declined 0.4% in 2025 (+3.5% in nominal terms). Imports fell in real terms in Nova Scotia, Québec and Alberta and grew in all other provinces (little changed in Ontario). Newfoundland and Labrador reported the largest growth in imports in both real and nominal terms. Alberta reported the steepest decline in imports in real terms while New Brunswick reported the slowest import growth in nominal terms.
Nova Scotia's per capita imports amounted to $37,524 or 97.6% of the national average. Québec and British Columbia reported the smallest imports per capita. New Brunswick reported the highest imports per capita, including a substantial amount of imported crude oil for the province's large refinery.
Nova Scotia's overall economic growth in 2025 was supported by government capital investment and consumption expenditures by both governments and households, with a smaller contribution from residential construction. Net exports were a modest drag on real GDP growth as exports contracted by more than imports, while non-residential investment also declined.
In nominal terms, contributions to growth accelerated for government investment and government consumption. Consumption expenditures by households and residential construction continued to provide positive contributions to growth, albeit at slowing rates. Price growth supported higher nominal exports (despite lower export volumes). A decline in non-residential investment and rising imports slowed nominal GDP growth.
Compensation of employees for all industries in Nova Scotia was up 6.7% in 2025, the fastest increase among provinces (ahead of New Brunswick at 6.3%). National employee compensation growth was 4.8% with gains in all provinces. Newfoundland and Labrador had the slowest growth at 3.5%.
Nova Scotia's employee compensation per capita was $33,098 in 2025 or 83.7% of the national average. Prince Edward Island, New Brunswick and Manitoba had the lowest compensation per capita. Employee compensation per capita was $39,523 nationally with the highest values in Alberta and Ontario.
Growth in net operating surplus of corporations is typically volatile from one year to the next. Nova Scotia's net operating surplus of corporations was up 12.3% from 2024 to 2025 (following a revised 28.7% rise in 2024), the second fastest rise among provinces behind New Brunswick (20.5%). Nationally, net operating surplus of corporations rose 2.4% with declines in two provinces (Québec and Alberta). Alberta reported the steepest decline.
Nova Scotia reported the second lowest corporate net operating surplus per capita at $6,061 in 2025 - 56.5% of the national per capita average. New Brunswick had the lowest corporate net operating surplus per capita ($5,097), while Newfoundland and Labrador, Alberta and Saskatchewan reported substantially higher corporate net operating surplus per capita.
Nova Scotia reported an 11.8% increase in net mixed income of unincorporated businesses in 2025 - the second fastest increase among provinces behind Saskatchewan (and just ahead of New Brunswick). National mixed income was up 8.6% with gains in all provinces. Prince Edward Island reported the slowest growth (4.1%).
Unlike corporate net operating surplus, Nova Scotia's net mixed income per capita exceeds the national average at $8,354 (116.3% of national). British Columbia reported much higher per capita net mixed income of unincorporated businesses. Québec reported the lowest.
All major income components contributed to higher nominal GDP for Nova Scotia in 2025.
Household income grew by 6.0% in Nova Scotia in 2025, the second fastest rise among provinces behind New Brunswick (and ahead of Québec at 5.3%). Nationally, household income was up 4.6% with increases in all provinces. Newfoundland and Labrador reported the slowest growth in household income in 2025 (3.2%).
Nova Scotia's per capita household income was $60,731 in 2025 or 91.7% of the national average. British Columbia reported the highest per capita household income. The gap between lowest (Manitoba, 85.5% of national) and highest (British Columbia, 105.4% of national) per capita household income is substantially narrower than reported for per capita nominal GDP.
Household income includes employee compensation, net mixed income, property income received and current transfers received. It is reported on a national basis for all resident households rather than a domestic basis for all income paid in the province (regardless of household residency).
Property income received by households (such as interest, dividends, pensions) increased by 2.4% in Nova Scotia in 2025, the fourth fastest gain among provinces and just above the national increase of 2.2%. Growth slowed sharply from a revised 11.8% in 2024. All provinces reported gains in property income receipts for 2025, led by New Brunswick (3.9%), with Manitoba reporting the slowest growth (1.0%).
Nova Scotia's property income receipts were $6,417 per capita or 78.7% of the national average. Receipts were highest in British Columbia and Ontario and lowest in the three Atlantic provinces outside Nova Scotia.
Current transfers received grew by 2.8% in Nova Scotia, behind the national increase of 3.1% in 2025. New Brunswick reported the fastest growth in income from current transfer receipts while Manitoba reported the slowest (1.1%).
Current transfers per capita were highest in Newfoundland and Labrador and lowest in British Columbia. Nova Scotia's current transfers per capita were $12,355 or 105.4% of the national average.
Nova Scotia's growth in household income in 2025 came from all components, with slower growth in net mixed income, property income and current transfers and little change in the growth of employee compensation (6.6% compared with 6.4% in 2024).
The GDP deflator is the implicit price index that establishes the difference between nominal GDP growth (which includes both price and volume gains) and real GDP growth (which includes only volume changes). This implicit price index is a broader measure of price growth than the consumer price index, which only considers a fixed basket of household consumption items.
Nova Scotia reported the third fastest growth among provinces in the GDP deflator at 3.5% in 2025 (behind New Brunswick and Québec), decelerating from a revised 5.7% increase in 2024. Nationally, the GDP deflator grew by 2.5%. Alberta reported the only reduction in broad prices in 2025.
Nova Scotia's GDP deflator grew more rapidly in each of the last 5 years (2021-2025) than in any of the previous 17 years.
Notes: Income and expenditure accounts provide the official estimates of Nova Scotia's gross domestic product (GDP) and select indicators. The estimates released today include revisions for the years 2023 and 2024 and the first estimate of expenditure and income for 2025. GDP as measured by the expenditure account refers to all final consumption and investment spending not bound for further production in the Nova Scotia economy in the year. Exports are added to this whether these are final or intermediate goods they are not bound for further production in Nova Scotia in the year. Imports are subtracted from this value (regardless of whether they are final or intermediate products) as any final expenditure that includes direct or embedded imports would not generate income for Nova Scotia factors of production in the year.
In the income accounts, GDP represents the generation of income from production activities. This income is spread across compensation of employees (in all industries), operating surplus of corporations (including both net operating surplus and consumption of fixed capital), mixed income of unincorporated businesses (including net mixed income as well as consumption of fixed capital by unincorporated businesses) along with adjustments to taxes on products and taxes on production. The analysis below focuses on employee compensation, net operating surplus of corporations and net mixed income of unincorporated businesses - all measured in nominal terms.
Household income includes components from the income account of GDP: employee compensation net mixed income (but measured on a 'national' basis for all resident households as opposed to 'domestic' basis for all activities inside Nova Scotia). The rest of household income is made up of earnings that are not derived from current production: property income received from ownership of real or financial assets as well as current transfers received from governments and corporations.
Source: Statistics Canada. Table 36-10-0221-01 Gross domestic product, income-based, provincial and territorial, annual (x 1,000,000); Table 36-10-0222-01 Gross domestic product, expenditure-based, provincial and territorial, annual (x 1,000,000); Table 36-10-0482-01 Property income of households, provincial and territorial (x 1,000,000); Table 36-10-0226-01 Household sector, selected indicators, provincial and territorial; Table 36-10-0223-01 Implicit price indexes, gross domestic product, provincial and territorial
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