BC is expecting a budget surplus of $706-million for the current fiscal year, and smaller deficits are projected in the next two years..The quarterly update was released by the Monday, providing a glimpse into the status of BC’s finances based on the first three months of the fiscal year in addition to updated forecasting..“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 Minister of Finance Selina Robinson..While officials expect the economy to grow next year, they also say it’s contingent upon global factors such as the Ukraine conflict and “uncertainty regarding the evolution of the pandemic.”.“These are uncertain times, both on the international economic front and for British Columbians struggling with rising global inflation,” Robinson said..“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.”.Nonetheless Robinson says BC is in a “strong position,” as officials boast a “low” provincial unemployment rate of less than 5% in August as well as consumer spending jumping 1.5% in the first six months of 2022..BC’s real GDP is forecast to grow by 3.2% in 2022 and 1.5% in 2023. Nominal GDP is expected to grow by 11.6% in 2022 and 3.5% in 2023..Housing construction remains above the 10-year historical average, however home sales activity has dropped to below average historical levels in recent months..READ MORE: BC announces forthcoming rent increase cap, tax credit boosts
