Economy

B.C. economy set to grow in 2021, 2022, forecast suggests – News 1130

Published

4 years ago

February 25, 2021

VANCOUVER (NEWS 1130) – B.C.’s economy is looking up — at least for now — according to a new forecast.

Central 1 suggests the provincial economy is going to grow by 4.2 per cent this year and by 4.5 per cent in 2022.

Exports and the demand for housing are expected to be the main drivers as economies around the world bounce back from the impacts of the COVID-19 pandemic. Vaccine rollout and development are also expected to help shape the provincial growth.

“Improved business conditions, rising exports and stronger commodity prices will drive a strong rebound in non-residential investment as firms begin to spend after holding back during the early stages of the pandemic,” says Bryan Yu, Central 1 chief economist. “For example, growth of more than 10 per cent is expected for machinery and equipment and building investment this year.”

However, while some sectors are expected to rebound, Central 1 notes the hospitality and “other face-to-face” sectors will likely take a longer time to recover fully.

According to the economic analysis, B.C. has regained close to 90 per cent of the jobs that were first lost when the health crisis began.

Despite this gain, jobs in the tourism and related sectors continue to be at levels far lower than before the pandemic.

“An improved labour market since the spring provides a solid launchpad for employment growth this year,” says Yu. “Average employment is forecast to rise 4.7 per cent, with growth sliding to 3.2 per cent in 2022.”

While Central 1 forecasts growth for 2021 and 2022, its analysis suggests there will be a drop to below three per cent in 2023.

Read the full report:

Central 1 BC economic forecast

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

21 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

1 day ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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