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.
Out of the Pandemic, Into the Fire: British Columbia’s Two-Year Outlook
Out of the Pandemic, Into the Fire: British Columbia’s Two-Year Outlook
Provincial Economic Analysis
$705.00
- Many pandemic-related restrictions have lifted in British Columbia. As households spend more on services and tourists test the waters again, customer-facing industries will benefit.
- Real GDP is forecast to grow by 6.7 per cent this year and 4.0 per cent in 2022.
- Provincial employment has reached its pre-pandemic level, and we expect growth of 6.4 per cent this year, although job growth in some sectors—like construction—lags the national recovery. Some business owners, especially in high-contact industries, are struggling to fill open positions.
- The B.C. government will spend an ambitious $39.5 billion over the next three fiscal years to support many areas of the economy, especially health care and transportation.
- Although global supply chains are still working through pandemic-induced imbalances, B.C.’s real exports will grow by 8.2 per cent this year as they bounce back from last year’s decline. Global demand for many commodities produced by the province also remains strong.
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