This quarterly economic forecast for the province of British Columbia examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Document Highlights
British Columbia’s economic outlook is more positive than that of most provinces. We estimate that B.C.’s real GDP grew 6.0 per cent in 2021 and will grow by 4.6 per cent in 2022.
Employment in B.C. has recovered, but labour markets remain turbulent. They will eventually rebalance, and the unemployment rate will drop to an average of 5.1 per cent in 2022 and 2023.
Major construction projects like LNG Canada are keeping B.C.’s non-residential investment high, though investment growth over the coming years is set to decline.
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