Departmental Bulletin Paper リーマン・ショック以降のカナダのノヴァ・スコシア州の経済動向
Recent Trends in the Economy of Nova Scotia in Canada after the Lehman Shock

栗原, 武美子

43 ( 2 )  , pp.65 - 86 , 2018-03 , 東洋大学経済研究会
ISSN:0385-0358
NCID:AN00071538
Description
 This paper aims to clarify characteristics of the Canadian economy at the provincial level after the Lehman Shock of 2008, especially in relation to the American economy. Since nine Canadian provinces were scrutinized in my previous papers, the economy of Nova Scotia is scrutinized here. According to the growth rates of real GDP from 2007 to 2015, the economy of Nova Scotia had been stagnant after a recovery of 2.8% in 2010. The unemployment rates of the province were from 7.6% to 9.6% during the period between 2007 and 2016, and remained relatively high among the ten Canadian provinces. Both growth rates of real GDP and unemployment rates revealed the small effect of the Lehman shock on the Nova Scotia economy. However, Nova Scotia’s exports and imports decreased from 2008 to 2009, due to the impact of the Lehman shock. The largest exporting country for the province was the United States (U.S.), and the share of exports going to the U.S. gradually decreased from 80.0% in 2008 to 69.0% in 2016. The largest importing country for the province had been Germany, with the share of imports around 30% to 40%. From 2014 to 2016 the U.S. became the second largest importing country. The favorable trade balances with the U.S. significantly contributed toward reducing Nova Scotia’s unfavorable trade balances during the period from 2007 to 2016. Fish and crustaceans, and rubber tires had been major exporting items, although from 2007 to 2011 Nova Scotia exported crude oil, mostly to the U.S. On the other hand, motor vehicles had been the chief importing items, mainly from Germany and the United Kingdom. Crude oil was the second largest importing item. With the closer of the oil refinery in 2013, oil products became the second largest importing items. Halifax, the capital of Nova Scotia, has been a strategic point for commercial and financial services in the Maritime provinces. With the locational advantage, Nova Scotia has been promoting the information communications technology industry, while supporting the traditional fishing, agricultural and forest industries.
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