Choose your settings
Choose your language
Other provincial budgets

Nova Scotia: Budget 2024 - More Population Outperformance Drives More Spending

February 29, 2024
Marc Desormeaux, Principal Economist • Kari Norman, Economist

Nova Scotia’s (NS) fiscal year 2024–25 (FY2025) budget again increased spending plans and continues to expect red ink for the foreseeable future.

Although new spending and infrastructure investments will put upward pressure on the debt burden, this is arguably necessary given the strength of recent and projected population growth. And a boost to the province’s forecast net debt-to-GDP ratio versus last year’s plan partly reflects historical revisions to GDP data.

Spending measures were concentrated in the healthcare sector, while the province will also increase its personal income tax brackets and basic personal tax amount according to the rate of inflation.

Borrowing requirements are now expected to total $2.6B in FY2025, $3.4B in FY2026, $2.0B in FY2027, and $2.6B in FY2028.

NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.