British Columbia is well-positioned to support people through emerging global economic headwinds with preliminary numbers showing an improved fiscal forecast.
The Province’s First Quarterly Report provides an early update on the status of B.C.’s finances based on the first three months of the fiscal year, as well as updated forecasting based on the current economic landscape and progress on B.C.’s capital plan.
The report shows improvements in all three years of the fiscal plan, but notes ongoing risks amid global economic uncertainty. B.C. is now forecasting an operating surplus of $706 million for 2022-23, and smaller projected deficits in the next two years.
“While we can’t ignore today’s global inflation and the economic turbulence ahead, the Province performed better than expected because British Columbians have worked hard to keep our economy going,” said Selina Robinson, Minister of Finance.
The provincial economy is expected to grow next year, however persistent global inflation, rising interest rates across Canada, the war in Ukraine and uncertainty regarding the evolution of the pandemic remain.
“These are uncertain times, both on the international economic front and for British Columbians struggling with rising global inflation,” Robinson said. “This gives us an early snapshot of the Province’s finances, just three months into the fiscal year. A lot can change between now and the end of the year, and we need to keep making thoughtful decisions – especially with everything that’s going on around the world. But this indicates that we’re in a strong position to continue investing in the things people need to reduce costs, strengthen services and build a stronger B.C. for everyone.”
For information about new and existing support measures for B.C. residents, visit: https://www2.gov.bc.ca/gov/content/family-social-supports/affordability/family-benefit
To access The First Quarterly Report, please visit: https://www2.gov.bc.ca/gov/content/governments/finances/reports/quarterly-reports
A backgrounder follows.