BC Monthly Real GDP Estimate for May 2021 & Preliminary Estimate for June 2021 (Updated: August, 3 2021)
The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for May 2021 is 11.3 per cent. For comparison, year-over-year growth in the Canadian economy in May was 14.6 per cent. We have also included a preliminary estimate for June 2021 of 8.3 per cent. Growth in BC has decelerated as the base-year effects that propelled year-over-year growth into double digits have begun to fade and the impact of the third wave restrictions in some sectors of the economy is reflected in recent data.
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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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