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NEWS RELEASE
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For Immediate Release Jan. 19, 2010 |
Ministry of Finance
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2010 ECONOMIC OUTLOOK STABILIZING, BUT RISKS REMAIN
VICTORIA – British Columbia’s economy is stabilizing and is expected to grow 2.9 per cent in 2010, partly due to the effects of the 2010 Olympic and Paralympic Winter Games, but the outlook for later years has moderated slightly, according to updated projections by the B.C. Economic Forecast Council, Finance Minister Colin Hansen announced today.
“As we prepare the Province’s 2010 budget and look ahead to the profile the 2010 Winter Games will bring, I am reassured that the Economic Forecast Council outlook for 2010 remains steady,” Hansen said. “However we will still need to provide prudence in our budgets to help manage the global risks the council has highlighted, including a weakened U.S. economy, slow global demand for B.C. exports, and a stronger than expected Canadian dollar.”
As in December, the council expects B.C.’s economy to post 2.9 per cent growth in 2010. The council slightly reduced its average forecast for B.C.’s annual economic growth in 2011 to 3.1 per cent, down from the 3.2 per cent projected in December. The forecast for the 2012-14 period was lowered to 3.0 per cent from the 3.1 per cent projected in December.
The Economic Forecast Council presented forecasts for B.C.’s economic growth in December 2009 as part of the Province’s annual budget process. Council members were given a deadline of Jan. 15 to submit any revisions to the original forecasts they presented in December. Eleven of the 14 council members provided revised forecasts.
The B.C. Economic Forecast Council consists of some of the most respected independent economic forecasters in Canada. As required by the Budget Transparency and Accountability Act, the 14-member council provides advice on the economic outlook to the Minister of Finance in developing each year's Budget and Fiscal Plan.
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Media 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
Jan. 19, 2010 Ministry of Finance
B.C. ECONOMIC FORECAST COUNCIL
B.C. Real GDP (per cent change)
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Participant |
Organization |
2009 |
2010 |
2011 |
2012-2014 Average Annual |
|
David Baxter |
Urban Futures Institute |
-2.3 |
2.5 |
2.7 |
2.9 |
|
Marie-Christine Bernard |
Conference Board |
-2.4 |
4.1 |
3.2 |
2.6 |
|
Derek Burleton |
TD Bank |
-2.7 |
3.0 |
2.8 |
2.9 |
|
Paul Ferley |
RBC Financial Group |
-2.6 |
3.3 |
3.4 |
3.0 |
|
Jock Finlayson |
BC Business Council |
-3.0 |
2.8 |
3.1 |
2.7 |
|
Arlene Kish |
Global Insight |
-2.0 |
2.7 |
3.5 |
3.2 |
|
Carlos Leitao |
Laurentian Bank Securities |
-2.9 |
2.2 |
2.7 |
2.9 |
|
Warren Lovely |
CIBC |
-2.2 |
2.8 |
3.4 |
3.1 |
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Dale Orr |
Dale Orr Economic Insight |
-2.3 |
3.0 |
3.5 |
3.1 |
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Helmut Pastrick |
Central 1 Credit Union |
-3.1 |
2.5 |
2.6 |
3.8 |
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Doug Porter |
Bank of Montreal |
-2.2 |
3.1 |
4.2 |
3.5 |
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Carl Sonnen |
Informetrica |
-3.3 |
3.2 |
3.5 |
3.2 |
|
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 |
3.1 |
3.0 |
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Media Contact:
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Graham Currie Communications Director Ministry of Finance 250 356-2821
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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.
