That strong BC economy we keep hearing about is alive and well in Statistics Canada’s economic report for 2015.
“British Columbia did have the best economic output of the western provinces and, in fact, it was the best economic output in 2015 of all Canadian provinces and territories,” says Matt McDonald with Statistics Canada. “We saw that gross domestic product expanded 3.3% in 2015. This was actually the sixth consecutive annual increase for British Columbia. Economic output has been quite strong relative to other regions in Canada recently.”
That strong economic showing is translating into better wages for workers.
“Compensation of employees and incomes are also rising. Those rose 3.5% for the year for British Columbians and also there was a bit of straight that we saw on the export market of both goods and services. That rose 2.8%. This was also the 6th consecutive annual increase.”
Canada’s GDP rose by less than 1% in 2015 after a much more robust 2.6% increase in 2014. The next strongest provincial economy was in Ontario with a 2.5 percent increase last year.
Significant declines in several provinces fuelled the sluggish national growth rate. Alberta’s GDP fell by 3.6% while Newfoundland and Labrador lost by 2% and Saskatchewan’s took a 3.1% hit.