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B.C. report projects economic decline of 6.7 per cent, deficit near $13 billion

B.C. report projects economic decline of 6.7 per cent, deficit near $13 billion | iNFOnews.ca
In this file photo, Finance Minister Carole James speaks at a press conference at the B.C. Legislature in Victoria on July 18, 2019. THE CANADIAN PRESS/Chad Hipolito

VICTORIA – British Columbia's financial outlook is being hammered by the COVID-19 pandemic, but the provincial government says a partial recovery is on the horizon next year.

A Finance Ministry report outlining the province's first-quarter financial results from April to June projects an economic decline of 6.7 per cent this year.

The report projects B.C.'s budget deficit will balloon to almost $13 billion for the 2020-21 fiscal year.

It says there were 149,600 fewer jobs in August than in February, when the government tabled its budget.

The report says the area hardest hit by job losses was the wholesale and retail trade sectors, where jobs were down 33.9 per cent.

B.C.'s jobless rate in August was 10.7 per cent, compared to five per cent in February.

The reports says B.C.'s economy is expected to rebound somewhat next year, posting economic growth of 5.2 per cent.

This report by The Canadian Press was first published on Sept. 10, 2020.

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Marshall Jones

News is best when it's local, relevant, timely and interesting. That's our focus every day.

We are on the ground in Penticton, Vernon, Kelowna and Kamloops to bring you the stories that matter most.

Marshall may call West Kelowna home, but after 16 years in local news and 14 in the Okanagan, he knows better than to tell readers in other communities what is "news' to them. He relies on resident reporters to reflect their own community priorities and needs. As the newsroom leader, his job is making those reporters better, ensuring accuracy, fairness and meeting the highest standards of journalism.

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