Economic growth surpasses forecasts for province
BC is back in the black as the province is reporting a $1.3 billion surplus for the 2021-22 fiscal year. The economy outperformed most forecasts that were expecting deficits for years to come as businesses recover from the pandemic.
“While others might have chosen cuts and austerity, our investments in people have helped our economy rebound faster than anyone in the public or private sector predicted,” BC Finance Minister Selina Robinson said. “Looking ahead, the Province will keep using this economic strength to support British Columbians, including bringing in new measures in September to help those who are struggling the most with global inflation.”
The Canadian economy was also up, with national GDP rising by 3.3% in the second quarter. The jump is the largest since 1974. The increase was driven by strong consumer spending and investments by businesses, Statistics Canada said.
“While others might have chosen cuts and austerity, our investments in people have helped our economy rebound faster than anyone in the public or private sector predicted,” BC Finance Minister Selina Robinson said. “Looking ahead, the Province will keep using this economic strength to support British Columbians, including bringing in new measures in September to help those who are struggling the most with global inflation.”
The Canadian economy was also up, with national GDP rising by 3.3% in the second quarter. The jump is the largest since 1974. The increase was driven by strong consumer spending and investments by businesses, Statistics Canada said.
