Brighter Days Ahead for B.C. Economy, Says Central 1 Credit Union Forecast
U.S. Recovery Will Boost Province, New Report Says
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/14/13 -- The slow economic growth that British Columbia faced in 2012 will shift to a higher gear later in 2013 and beyond, says a new economic forecast by Central 1 Credit Union.
"The U.S. is expected to gain speed during 2014 to 2017, which will help lift B.C.'s economy to higher growth rates after 2013," said Helmut Pastrick, chief economist for Central 1, the trade association and financial facility for credit unions in British Columbia and Ontario.
Domestic developments will also shape the province's economy and in particular, the reversion to the provincial sales tax (PST) system from the harmonized sales tax (HST) will lift consumer spending and provide some inflation relief, though this will add business costs.
Real GDP growth is forecast to inch ahead by 2.2 per cent in 2013, following 2012's slowdown to 1.9 per cent, before accelerating to 2.8 per cent in 2014 and averaging 3.7 per cent in 2015 to 2017, the report says.
"The housing slowdown this year will reduce residential investment," Pastrick said. "The mild correction in the housing market will pull down economic growth in 2013 and 2014. Fewer housing starts in 2013 are a near certainty in an environment of declining housing sales and prices."
The unemployment rate will decline fairly steadily and fall below 5 per cent in 2016, averaging 4 per cent in 2017, which will result in pressure for higher wages, Pastrick said.
Highlights:
The full report B.C Economic Forecast 2013-2017 is available here
About Central 1
Central 1 is the central financial facility and trade association for the B.C. and Ontario credit union systems. Central 1 represents a consumer-oriented, full-service retail financial system that serves three million members and holds $86.2 billion in assets and is owned primarily by its member credit unions, 44 in B.C. and 101 in Ontario.
With offices in Vancouver, Mississauga, and Toronto, Central 1 provides a wide range of services such as liquidity management, direct banking, and flexible payment service solutions. For more information, visit .
Contacts:
Central 1 Credit Union
Helmut Pastrick
Chief Economist
604.737.5026 or 1.800.661.6813 ext. 5026
Central 1 Credit Union
Art Chamberlain
Media Relations Manager
905.282.8534 or 1.800.661.6813 ext. 8534
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Datum: 14.02.2013 - 14:23 Uhr
Sprache: Deutsch
News-ID 229681
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Commercial & Investment Banking
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