Bright Economic Update From BC NDP Government

An economic update from the NDP government says BC is well-positioned to support people through emerging global economic headwinds with preliminary numbers showing an improved fiscal forecast.

An economic update from the NDP government says BC is well-positioned to support people through emerging global economic headwinds with preliminary numbers showing an improved fiscal forecast.

The Province's First Quarterly Report provides an early update on the status of B.C.'s finances based on the first three months of the fiscal year, as well as updated forecasting based on the current economic landscape and progress on B.C.'s capital plan.

The report shows improvements in all three years of the fiscal plan but notes ongoing risks amid global economic uncertainty. B.C. is now forecasting an operating surplus of $706 million for 2022-23, and smaller projected deficits in the next two years.

The provincial economy is expected to grow next year, however persistent global inflation, rising interest rates across Canada, the war in Ukraine and uncertainty regarding the evolution of the pandemic remain.

Finance Minister Selina Robinson says a lot can change between now and the end of the year, but the indicators suggest the province is in a strong position to continue investing in the things people need to reduce costs.