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
Real GDP growth is expected to decelerate from 2.7 per cent in 2018 to 2.5 per cent in 2019 and 2.4 per cent in 2020. Nonetheless, B.C. will continue to lead the provinces in economic growth over the near term.
Beyond 2021, weak growth is expected for B.C. as construction on the LNG Canada development winds down and expectations for additional fossil fuel megaprojects are low.
Solid wage growth, the highest rate of job vacancies, and the lowest rate of unemployment continue to point to tightening labour markets in the province.
Forest product exports remain a pocket of weakness for B.C. trade. Looming log shortages started to materialize in late 2018, which will drag down growth in real exports.
With a seventh consecutive surplus on its books, the B.C. government has increased operating and capital spending in Budget 2019.
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