Two Steps Forward, One Step Back: British Columbia’s Two-Year Outlook

The Conference Board of Canada, 14 pages, June 14, 2021
Issue Briefing
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This quarterly economic forecast for the province of New Brunswick examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.

Document Highlights

British Columbia is facing a difficult second quarter as new cases of COVID-19 rose dramatically into April. Although new cases are now declining, heavier restrictions remain in place. However, with many households and businesses having adjusted to life with COVID-19, and with vaccination in the province under way, B.C.’s real GDP is forecast to grow by 6.0 per cent in 2021.

Until recently, B.C.’s labour market had managed to avoid dipping downward since its initial plunge last spring. However, the new restrictions have set back some of these gains. In Two Steps Forward, One Step Back: British Columbia’s Two-Year Outlook, we forecast that total employment in the province is still on track to grow by 6.1 per cent this year. However, the province’s accommodation and food services industry has taken another hit following these restrictions, and output in that sector is not expected to reach its pre-pandemic level until 2022.

Table of Contents

Key findings

British Columbia snapshot

Vaccines and the rebound

Consumption

Employment

Investment

Industrial outlook

Government

Trade

Methodology

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