Policy Perspectives >>
BC's 2009 Recession Crimps an Otherwise Strong Growth Performance in 2000s
The recently released Provincial Economic Accounts provide an opportunity to look back at BC’s economic performance. While preliminary data had already shown the province’s economy experiencing a sizable contraction in 2009, the more complete data allows for a more comprehensive review of economic well-being, export performance and other comparative metrics. The 2009 data also brings the decade to a close, affording a longer term assessment of BC’s economic performance for the entire decade.
Statistics Canada’s Provincial Economic Accounts shows that BC’s economic downturn was not quite as large as originally estimated. The preliminary estimate for economic growth released last spring had the province’s real gross domestic product shrinking by 2.5%, whereas the latest data point to a more moderate, but still sizable, 1.8% decline in economic activity.