Ministry of Finance and Corporate Relations
Honourable Paul Ramsey, Minister
This electronic version is for informational purposes only.
The printed version remains the official version.
Ministry of Finance and Corporate Relations Honourable Paul Ramsey, Minister |
This electronic version is for informational purposes only. The printed version remains the official version. |
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Report A: ECONOMIC REVIEW AND OUTLOOK
TABLE A1
BRITISH COLUMBIA
ECONOMIC OUTLOOK
| Budget Forecast |
Actual/ |
Forecast |
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| 1999 | 2000 | 2001 | ||||||||||
| Gross Domestic Product (current dollars; percentage change) | 1.1 | 3.21 | 3.8 | 4.0 | ||||||||
| Real Gross Domestic Product (Ministry of Finance and Corporate Relations; percentage change) | 0.5 | 1.41 | 2.2 | 2.7 | ||||||||
| Consumer Expenditure | 1.8 | 1.4 | 1.5 | 2.6 | ||||||||
| Capital Investment | -0.9 | 1.0 | 3.8 | 3.8 | ||||||||
| Government Expenditure | 0.9 | 2.4 | 1.4 | 0.8 | ||||||||
| Exports of Goods and Services | 1.8 | 3.5 | 4.3 | 4.1 | ||||||||
| Imports of Goods and Services | 1.9 | 2.6 | 2.6 | 3.3 | ||||||||
| Inventory Investment (change in billions of 1992 dollars) | -0.5 | -0.3 | -0.3 | 0.0 | ||||||||
| Real Gross Domestic Product (Minister's Forecast Council; percentage change) | 0.0 | 1.2 | 2.2 | 2.5 | ||||||||
| Population July 1; (percentage change) | 0.9 | 0.6 | 1.1 | 1.3 | ||||||||
| Net In-migration | 25,900 | 22,540 | 36,800 | 41,900 | ||||||||
| Interprovincial | (7,400) | (11,721) | 7,700 | 12,500 | ||||||||
| International | 33,300 | 34,2612 | 29,100 | 29,400 | ||||||||
| Labour Force (thousands) | 2,089 | 2,0793 | 2,123 | 2,170 | ||||||||
| (percentage change) | 2.3 | 1.4 | 2.1 | 2.2 | ||||||||
| Employment (thousands) | 1,918 | 1,9063 | 1,949 | 2,007 | ||||||||
| (percentage change) | 3.1 | 1.9 | 2.3 | 2.9 | ||||||||
| Unemployment Rate (per cent) | 8.2 | 8.33 | 8.2 | 7.5 | ||||||||
| Retail Sales (millions of current dollars) | 34,080 | 33,653 | 34,600 | 36,260 | ||||||||
| (percentage change) | 2.5 | 1.8 | 2.8 | 4.8 | ||||||||
| Labour Income4 (millions of current dollars) | 63,480 | 62,250 | 64,550 | 67,390 | ||||||||
| (percentage change) | 3.0 | 2.2 | 3.7 | 4.4 | ||||||||
| Corporate Pre-tax Profits | ||||||||||||
| (millions of current dollars) | 5,035 | 7,1501 | 8,225 | 8,635 | ||||||||
| (percentage change) | -5.0 | 11.5 | 15.0 | 5.0 | ||||||||
| Housing Starts (units) | 18,000 | 16,309 | 18,000 | 22,000 | ||||||||
| (percentage change) | -9.7 | -18.2 | 10.4 | 22.2 | ||||||||
| Consumer Price Index (1992=100) | 110.6 | 111.2 | 112.6 | 114.1 | ||||||||
| (percentage change) | 0.5 | 1.1 | 1.3 | 1.3 | ||||||||
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| Key Assumptions: | ||||||||||||
| Economic Growth (per cent) | ||||||||||||
| Canada | 2.4 | 4.2 | 3.4 | 2.8 | ||||||||
| United States | 3.0 | 4.1 | 3.5 | 3.0 | ||||||||
| Japan | -1.3 | 0.3 | 0.5 | 1.3 | ||||||||
| Europe | 2.1 | 2.11 | 2.8 | 2.7 | ||||||||
| Housing Starts (annual percentage change) | ||||||||||||
| Canada | 1.9 | 8.1 | 4.3 | 2.6 | ||||||||
| United States | -4.7 | 3.3 | -8.3 | -2.0 | ||||||||
| Japan | 0.2 | 1.7 | 0.8 | 0.9 | ||||||||
| Industrial Production (annual percentage change) | ||||||||||||
| United States | 2.0 | 3.6 | 3.7 | 3.3 | ||||||||
| Japan | -3.0 | 0.4 | 3.0 | 3.2 | ||||||||
| Consumer Prices (annual percentage change) | ||||||||||||
| Canada | 1.3 | 1.7 | 2.2 | 2.1 | ||||||||
| United States | 2.0 | 2.7 | 2.6 | 2.5 | ||||||||
| Canadian Interest Rates (per cent; annual average) | ||||||||||||
| 3-month Treasury Bills | 4.7 | 4.7 | 5.4 | 5.4 | ||||||||
| 10-year and over Government of Canada bonds | 5.4 | 5.7 | 6.7 | 6.4 | ||||||||
| United States Interest Rates (per cent; annual average) | ||||||||||||
| 3-month Treasury Bills | 4.5 | 4.7 | 6.2 | 6.4 | ||||||||
| 10-year and over U.S. Government bonds | 5.2 | 5.9 | 7.1 | 6.8 | ||||||||
| U.S. cents/Canadian dollar | 66.6 | 67.3 | 69.4 | 71.4 | ||||||||
| Commodity Prices | ||||||||||||
| BC Goods and Services Export Prices (Cdn $; percentage change) | 0.8 | 2.3 | 2.5 | 1.8 | ||||||||
| Spruce-Pine-Fir Lumber (U.S. $/1,000 board feet) | 295 | 341 | 323 | 315 | ||||||||
| Pulp (U.S. $/tonne) | 484 | 522 | 650 | 711 | ||||||||
| Newsprint (U.S. $/tonne) | 536 | 514 | 541 | 575 | ||||||||
| Copper (U.S. $/lb.) | 0.63 | 0.72 | 0.85 | 0.90 | ||||||||
| Lead (U.S. $/lb.) | 0.25 | 0.23 | 0.23 | 0.26 | ||||||||
| Zinc (U.S. $/lb.) | 0.49 | 0.49 | 0.57 | 0.60 | ||||||||
| Gold (U.S. $/oz.) | 310 | 279 | 285 | 300 | ||||||||
| Aluminum (U.S. $/lb.) | 0.56 | 0.62 | 0.62 | 0.62 | ||||||||
| Natural Gas (U.S. $/gigajoule) | 1.09 | 1.95 | 1.99 | 2.03 | ||||||||
| Coal (U.S. $/tonne)2 | 43 | 40 | 40 | 44 | ||||||||
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