BC Monthly Real GDP Estimate for June 2022 & Preliminary Estimate for July 2022
The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for June 2022 is 4.8 per cent. For comparison, year-over-year growth in the Canadian economy in June was 4.7 per cent. The preliminary estimate for year-over-year growth in the province in July 2022 is also 4.8 per cent. Through the first 7 months of the year, we estimate the BC economy grew at a 5.1 per cent average year-over-year rate, compared to 4.4 per cent for the Canadian economy as a whole.
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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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