The Fog of War Drifts West: British Columbia’s Two-Year Outlook

The Conference Board of Canada, 16 pages, June 7, 2022
Issue Briefing
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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

  • Following up on stronger-than-expected growth in 2021, provincial real GDP will grow by 3.1 per cent in 2022 and 3.0 per cent in 2023.
  • High inflation and labour shortages will threaten growth over the next two years. Job vacancies in the provincial construction industry remain elevated and are dragging down the sector’s output.
  • Tourism will forge ahead. Cruise ships have begun to dock in Vancouver and Victoria again, though COVID-19 has contributed to a rough restart.
  • High commodity prices will be a boon for British Columbia’s natural resource exporters, though slowdowns in the United States and China may constrain trade.
  • Global energy markets are shifting away from Russian exports. Medium-term prospects for British Columbia’s liquified natural gas industry are becoming rosier.

Table of Contents

Key Findings
British Columbia Snapshot
Overview
Consumption
Labour Market
Investment
Industry Outlook
Government
Trade
Methodology

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