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.
Provincial Outlook Economic Forecast: British Columbia—Winter 2018
Provincial Outlook Economic Forecast: British Columbia—Winter 2018
Provincial Economic Analysis
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- B.C. will continue to post solid growth in 2018, of 3.1 per cent, before it decelerates to 1.7 per cent in 2019, knocking the province from its long-held position as a provincial growth leader.
- Strong housing demand is expected to support B.C.’s housing market in 2018, but rising interest rates and a host of federal and provincial housing measures will begin to take their toll on the housing market in 2019.
- B.C.’s stringent environmental position, resistance to (and interruption of) the Trans Mountain pipeline expansion, and a string of cancelled LNG projects will continue to weigh on B.C.’s investment climate.
- Countervailing duties coupled with limited supplies of lumber will keep lumber prices high, contributing to robust gains in the value of international exports over the near term.
- The B.C. government is projected to table modest surpluses over the next three fiscal years, putting provincial finances in a good position to weather the impacts of a slower-growing economy come 2019.
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