Goal 19

Net Debt to GDP

By 2024 the Province of Nova Scotia’s net debt to GDP ratio will be 30% or less.


Nova Scotia flag waving in the wind at dusk by Halifax Harbour. Nova Scotia flag waving in the wind at dusk by Halifax Harbour.

Goal Status

checkmark icon to signify progressing Progressing Not On Track
Baseline: 36.9%
Current: 31.9%
Target: 30%
Updated:
Bands

Current Situation

Since 2014 Nova Scotia had been on a steady trend of reductions in its net debt to GDP ratio except 2020-2021 due to COVID-19. The province reported a net debt-GDP ratio of 31.9% for 2021-22 in the March 2023 Budget. This reflects a 4.9 percentage point decline from the baseline of 36.8%. The forecasts in that budget showed the ratio rising to 32.5% in 2022-23 and then rising every year out to 2026-27, reaching 36.2% at that time.

Fiscal year Actual Forecast/Projection OneNS Target
1982 16.70% 30.00%
1983 19.90% 30.00%
1984 21.40% 30.00%
1985 23.00% 30.00%
1986 25.00% 30.00%
1987 24.80% 30.00%
1988 24.80% 30.00%
1989 24.70% 30.00%
1990 26.10% 30.00%
1991 26.80% 30.00%
1992 29.60% 30.00%
1993 38.70% 30.00%
1994 42.80% 30.00%
1995 44.10% 30.00%
1996 43.90% 30.00%
1997 45.50% 30.00%
1998 44.20% 30.00%
1999 46.70% 30.00%
2000 47.10% 30.00%
2001 44.50% 30.00%
2002 45.30% 30.00%
2003 43.50% 30.00%
2004 41.30% 30.00%
2005 39.80% 30.00%
2006 38.00% 30.00%
2007 37.70% 30.00%
2008 35.60% 30.00%
2009 36.20% 30.00%
2010 37.30% 30.00%
2011 34.70% 30.00%
2012 35.50% 30.00%
2013 36.80% 30.00%
2014 38.10% 30.00%
2015 37.70% 30.00%
2016 37.00% 30.00%
2017 36.00% 30.00%
2018 34.60% 30.00%
2019 33.40% 30.00%
2020 32.50% 30.00%
2021 35.00% 30.00%
2022 31.90% 30.00%
2023 32.50% 30.00%
2024 33.60% 30.00%
2025 34.80% 30.00%
2026 35.80% 30.00%
2027 36.20% 30.00%

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Note: Projections are from Budget 2023-24.

What This Means

This data point measures the dollar value of the provincial government's debt relative to the size of the province’s GDP. It is expressed in this ratio because the size of the GDP is a common measure of the province's tax base from which to draw revenue, and thus a measure of its ability to pay down the debt.

Deep Dive

Read more detailed information about this goal by clicking 'Deep Dive'

Net Debt to GDP Deep Dive

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