Budget 2023 Summary
Summary of Current Economic Situation
Indicator
Labour Market
Consumer Spending
Housing Market
Inflation & Interest Rates
Exports
Global Growth, Geopolitical
Events & Pandemic
Performance
The unemployment rate is low (4.5% in March) but is leading to high
job vacancies in some sectors.
Consumer spending on services continues to recover while spending
on goods has softened.
Housing construction is strong (46,721 units in 2022) while sales
activity has declined to low levels (-35.2% in 2022).
Inflation has started to ease (4.7% in March) but affordability challenges
remain, while interest rates are high.
The value of goods exports has weakened (-15.0% since May) while
service exports continue to recover.
The economic outlook for most of B.C.'s major trading partners (e.g.,
rest of Canada, U.S., China, and Japan) has weakened since last
summer.View entire presentation