Business council says B.C.’s economy will lose momentum for 2017-18
VANCOUVER — The Business Council of British Columbia says the provincial economy is poised to “downshift” in 2017.
The council’s annual economic review and outlook says the real estate market, consumer spending and exports are slowing, leading to the loss of momentum.
The report forecasts gross domestic product, or the value of goods and services provided, will slow to an average pace of 2.2 per cent for this year, with a similar performance expected for 2018.
The report says the biggest factor is the slowdown in the residential real estate market in Metro Vancouver, which ripples through the wider economy with less demand for services and some retail segments.