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 Target
1981-82 16.70% 30.00%
1982-83 19.90% 30.00%
1983-84 21.40% 30.00%
1984-85 23.00% 30.00%
1985-86 25.00% 30.00%
1986-87 24.80% 30.00%
1987-88 24.80% 30.00%
1988-89 24.70% 30.00%
1989-90 26.10% 30.00%
1990-91 26.80% 30.00%
1991-92 29.60% 30.00%
1992-93 38.70% 30.00%
1993-94 42.80% 30.00%
1994-95 44.10% 30.00%
1995-96 43.90% 30.00%
1996-97 45.50% 30.00%
1997-98 44.20% 30.00%
1998-99 46.70% 30.00%
1999-00 47.10% 30.00%
2000-01 44.50% 30.00%
2001-02 45.30% 30.00%
2002-03 43.50% 30.00%
2003-04 41.30% 30.00%
2004-05 39.80% 30.00%
2005-06 38.00% 30.00%
2006-07 37.70% 30.00%
2007-08 35.60% 30.00%
2008-09 36.20% 30.00%
2009-10 37.30% 30.00%
2010-11 34.70% 30.00%
2011-12 35.50% 30.00%
2012-13 36.80% 30.00%
2013-14 38.10% 30.00%
2014-15 37.70% 30.00%
2015-16 37.00% 30.00%
2016-17 36.00% 30.00%
2017-18 34.60% 30.00%
2018-19 33.40% 30.00%
2019-20 32.7% 30.0%
2020-21 36.0% 30.0%
2021-22 37.9% 30.0%
2022-23 38.4% 30.0%
2023-24 39.4% 30.0%
2024-25 40.1% 30.0%

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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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