BCREA Nowcast

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for May 2020 is -9.0 per cent, an improvement from -10.6 per cent in April. For comparison, the Canadian economy contracted 13.8 per cent year-over-year in May. We have also included a flash estimate for June 2020 of -6.0 per cent. While year-over-year growth remains significantly negative, we are seeing month-over-month improvements in the Nowcast, reflecting the ongoing re-opening of the BC economy.

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.

For more information, please contact:
Brendon Ogmundson
Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: [email protected]