BC Monthly Real GDP Estimate for February 2023 & Preliminary Estimate for March 2023
The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for February is 1.7 per cent, a steep deceleration from 3.3 per cent in January. For comparison, January's year-over-year growth in the Canadian economy was 2.5 per cent. The preliminary estimate for March shows a further slowing in year-over-year growth to just 1.2 per cent, the slowest pace of annual growth since February 2021.
Download the full report (PDF)
Growth of provincial GDP is a key indicator of economic activity, but provincial GDP data is only available annually and with a considerable delay. That's why we developed the BCREA Nowcast – a tool for tracking monthly growth in the BC Economy. The Nowcast compiles monthly economic data into one easy to understand number, expressed as the year-over-year growth in the BC economy.
As the underlying economic data is released with a one- or two-month lag, our estimates for monthly growth will also lag real-time by two months (e.g., estimated growth in January will be published at the end of March). There are no adjustments to the model estimate except for those due to revisions to the underlying data.
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