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Conference Board expects B.C. economy to shrink 3.8% – Times Colonist

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4 years ago

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While it is bullish on B.C.’s economy next year, the Conference Board of Canada suggests the provincial economy will contract by 3.8 per cent this year due in part to the province’s reliance on tourism and trade with Asia.

In a report released Wednesday, the board notes no province will be spared the effects of the COVID-19 pandemic and all will be plunged into recession.

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In B.C., the second half of 2020 is expected to mark the start of an economic rebound, while 2021 is expected to yield a seven per cent increase in gross domestic product.

For now, the board points out the economy is vulnerable because of its dependence on tourism and ties with the Asia-Pacific region.

Tourism, a major economic driver in this province, has been decimated with the U.S. border closed to pleasure travel and the number of overseas visitors slowing to a trickle, the report says.

B.C. has suffered on the trade front as its exports are closely linked to commodities for which prices have collapsed due to plummeting global trade volumes.

The province’s close ties to China have also hurt the province’s outlook. China’s economic growth is expected to slip, taking demand for resources with it.

The report suggests consumer spending will continue to be weak until the second half of the year, as social distancing and stay-at-home measures continue to restrain demand.

Once restrictions ease in the second half of this year, consumer demand will likely begin to recover, setting the stage for a solid rebound in activity in 2021, the report says.

Nationally, the board said Canada is in the midst of its worst economic downturn in decades, with GDP expected to drop by 4.3 per cent this year.

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Economy

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

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2 days ago

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September 13, 2024

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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)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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2 days ago

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September 13, 2024

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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.

The Canadian Press. All rights reserved.

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Economy

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

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3 days ago

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September 12, 2024

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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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