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.
Advantages Boost the Prospects for a Recovery: British Columbia’s Two-Year Outlook—September 2020
Advantages Boost the Prospects for a Recovery: British Columbia’s Two-Year Outlook—September 2020
Provincial Economic Analysis
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- British Columbia managed to flatten its initial COVID-19 curve relatively quickly. The province is currently in Phase 3 of its four-phase Restart Plan.
- B.C.’s real GDP is forecast to decline by 5.5 per cent in 2020 and then climb by 6.7 per cent in 2021.
- The province’s labour market is recovering only slowly from pandemic-induced shutdowns. Tourism-related sectors such as food services and accommodations face longer-term challenges.
- Unlike in some provinces, construction was deemed an essential service in British Columbia. Investment in major infrastructure projects will boost the post-COVID-19 economic recovery.
- Although there are signs that trade is recovering, a return to pre-pandemic export levels is contingent on economic recoveries in the U.S. and among B.C.’s Asian trading partners.
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