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NEWS RELEASE
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For Immediate Release December 4, 2009 |
Ministry of Finance
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B.C. ECONOMY EXPECTED TO STABILIZE IN 2010
VANCOUVER –The B.C. Economic Forecast Council has slightly improved its growth projections for British Columbia, citing increased housing starts, and recent improvements in the mineral resources sector and commodities markets as the primary reasons, announced Finance Minister Colin Hansen today.
“Our economy is beginning to show signs of stability,” said Hansen. “However, the council also echoed our calls for continued prudence in the fiscal plan, warning of risks from the severely weakened U.S. economy, slower global demand for B.C. exports, and the stronger than expected Canadian dollar.”
On average, the council now expects B.C.’s economy to post 2.9 per cent growth in 2010, upgraded from the 2.5 per cent growth projected in the September Update this year. The council's average forecast for B.C.'s annual economic growth in the 2012-2014 period is 3.1 per cent. The September Update estimate for the 2011-2013 period was also 3.1 per cent.
Council members discussed their outlooks for the B.C., Canadian, and U.S, economies, including the sustainability of the economic recovery in the U.S., the expected economic impact of the 2010 Olympic and Paralympic Winter Games, and the risks of an appreciating Canadian dollar.
The Economic Forecast Council represents some of the most respected independent economic forecasters in Canada. As required by the Budget Transparency and Accountability Act, the 14-member council provides economic advice to the Minister of Finance in developing each year's Budget and Fiscal Plan.
Individual council members’ growth forecasts for B.C.’s real gross domestic product are included in the attached backgrounder.
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Contact:
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Graham Currie Communications Director Ministry of Finance 250 356-2821 |
For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca.
BACKGROUNDER
December 4, 2009 Ministry of Finance
B.C. ECONOMIC FORECAST COUNCIL
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Participant |
Organization |
Per cent change in real GDP |
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2009 |
2010 |
2011 |
2012-2014 Average Annual |
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David Baxter |
Urban Futures Institute |
-2.3 |
2.5 |
2.7 |
2.9 |
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Marie-Christine Bernard |
Conference Board |
-2.0 |
4.2 |
3.5 |
3.1 |
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Derek Burleton |
TD Bank |
-3.0 |
2.6 |
2.8 |
2.9 |
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Paul Ferley |
RBC Financial Group |
-2.6 |
3.2 |
3.4 |
3.0 |
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Jock Finlayson |
BC Business Council |
-3.0 |
2.8 |
3.1 |
2.7 |
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Arlene Kish |
Global Insight |
-2.0 |
2.7 |
3.5 |
3.2 |
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Carlos Leitao |
Laurentian Bank Securities |
-2.9 |
2.2 |
2.7 |
2.9 |
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Warren Lovely |
CIBC |
-2.2 |
2.5 |
4.1 |
3.2 |
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Dale Orr |
Dale Orr Economic Insight |
-2.3 |
2.8 |
3.5 |
3.1 |
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Helmut Pastrick |
Central 1 Credit Union |
-2.8 |
2.5 |
2.2 |
3.4 |
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Doug Porter |
Bank of Montreal |
-2.2 |
3.0 |
4.1 |
3.5 |
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Carl Sonnen |
Informetrica |
-3.3 |
3.2 |
3.5 |
3.2 |
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Ernie Stokes |
Stokes Economic Consulting |
-2.5 |
3.1 |
2.2 |
3.1 |
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Mary Webb |
Scotiabank |
-2.5 |
3.0 |
2.9 |
2.6 |
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Average: |
-2.5 |
2.9 |
3.2 |
3.1 |
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Contact:
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Graham Currie Communications Director Ministry of Finance 250 356-2821 |
For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca.
