A 'Balanced' but "Challenging' Provincial Budget
In his inaugural budget, BC Finance Minister Mike de Jong delivered on the government’s long-standing promise to balance the operating budget by fiscal 2013-14. While some additional funding is provided for health care and a smattering of small-scale initiatives in support of the government’s Families First agenda, meeting the balanced budget target overshadowed all other aspects of the budget. Eliminating the fiscal shortfall of more than $1 billion on schedule required a combination of tax increases, provincial asset sales, and a hefty dose of spending restraint.
BC Poised for Small Bounce in Economic Growth in 2013
In the latest BC Economic Review and Outlook, the Business Council of British Columbia upgrades our economic growth forecast for 2013 to 2.3%, projecting a stronger year than 2012 which is estimated to have grown at 1.9%.
Although the economy slowed in the latter part of 2012, we anticipate the provincial economy will gain some momentum in 2013 with positive economic growth projected for our major export markets including China and the United States and strong non-residential construction anticipated in British Columbia.