Jobless rate will gradually decline, no sign of inflation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 24, 2013) - B.C.'s economy will remain sluggish for the remainder of 2013 before gaining traction in 2014 and 2015, says a new forecast by Central 1 Credit Union.
Central 1 economist Bryan Yu has reduced his projection for growth this year to 1.4 per cent, but expects a modest gain of 2.4 per cent next year.
"Growth will increase to nearly 3 per cent in 2015 with further acceleration over the following two years as the U.S. continues to recover and large resource projects in the north come online," Yu said.
Highlights of the forecast for 2013-2017:
"Subdued economic conditions and the weak labour market will hold back inflationary pressure in the province," Yu said. "Growth in the consumer price index for B.C. will be an anemic 0.2 per cent this year."
Inflation will rise to 1.2 per cent in 2014 before gradually trending higher to about 1.7 per cent in 2016-17 as a strengthening economy and labour market push prices higher.
The full report BC Economic Forecast 2013-2017 is available here: http://www.central1.com/sites/default/files/uploads/files/analysis_report/report_file/ea%202013_03%20BC.pdf
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 3.2 million members and holds $88.7 billion in assets and is owned primarily by its member credit unions, 44 in B.C. and 96 in Ontario.
With offices in Vancouver, Mississauga and Toronto, Central 1 provides liquidity management, direct banking and payment service solutions as well as a wide range of trade services. For more information, visit www.central1.com.
Contact Information: