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 BCPB Home > Benchmarks > Rankings > Core Target 1: Economic Growth

Core Target 1: Economic Growth

Where BC Ranks, Provincial Comparison

 (Updated May 6, 2008)
Year

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Rank

10

7

4

9

5

6

4

2

6

5

Core Target One is based on growth in inflation-adjusted Gross Domestic Product, or the value-added to the economy by current productive activities of individuals, businesses, governments and non-residents.

BC placed fifth in the Progress Board's target for economic growth in 2007, up from sixth in 2006. The province's growth rate of real GDP per capita has been ahead of the national average every year since 2002.

BC's level of of real GDP per capita was fifth among the provinces in 2007. Alberta placed first and was well ahead of the rest of the country. The difference between first place Alberta and tenth place Prince Edward Island was about $25,000, with BC $17,000 below the top and $7,000 above the bottom extremes.

Note: The preliminary estimate for 2007,upon which this update is based, will be revised when final data are released in the fall. The fall release will also include a historical revision of 2004-2006 data.

Why It's Important
Slower growth in real GDP per capita results in reduced purchasing power, less real personal income, and lower real wages and salaries.

North American Comparison

In a North American comparison, BC earned a 37th rank for real GDP per capita growth in 2006, down from 11th in 2005. As with the provincial comparison, BC's rank was more consistent for the level of real GDP per capita. It ranked 51st out of 61 sub-national jurisdictions in Canada and the United States in 2006 and has moved between 50th and 52nd since 1997. BC sits roughly $40,000 below second place Delaware and $7,000 above last place Prince Edward Island.

International Comparison

As with the other comparisons, BC's real GDP growth rate has fluctuated considerably more than its GDP level. Ranks range from fifth in 1993 to 29th in 2001, with 2005 in at 11 th. BC has achieved a relatively high ranking in the international comparison. It ranked 14th in 2005 in real GDP per capita among OECD countries, well ahead of last-place Turkey but still lagging considerably behind first place Norway.

BC was ranked ninth in 1992 but fell to 12th by 1996 and to a low of 16th place in 2001 due to stagnant growth in the 1990s. Recent growth has helped bring the province's ranking back up amongst the 31 jurisdictions used for the international comparison.

Notes
The District of Columbia and Luxembourg are treated as statistical anomolies and are excluded from the presentation. Currencies: Canadian and North American comparisons are in Canadian dollars; the international comparison is in US dollars.


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