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. It also looks at the performance of a number of sectors.
British Columbia’s real GDP will grow by 2.6 per cent in 2022. In 2023 and 2024, growth will moderate to 1.9 per cent and 2.0 per cent, respectively.
In May, year-over-year growth in the province’s Consumer Price Index (CPI) slipped above the national rate and hit 8.1 per cent. B.C.’s CPI will grow by 7.3 per cent this year and by 4.0 per cent in 2023.
B.C.’s housing market was particularly exuberant over the last two years, and the effects of rising interest rates will weigh more heavily on the province.
Tourism’s revival in British Columbia has been strong this year. But structural supply-side problems, including labour shortages, are holding back the pace of the sector’s recovery.
High commodity prices will propel B.C.’s nominal exports to grow by 14.9 per cent this year. As the global economy slows, export growth will moderate in the latter half of 2022 and into 2023.