BC is projected to have a $13.6 billion deficit according to the third quarter’s financial report.
Fall economic update shows $13.6 billion BC deficit
Published 12:08 PST, Thu December 17, 2020
Last Updated: 11:47 PST, Mon January 4, 2021
BC’s third economic and fiscal update shows the impact of the COVID-19 pandemic—including a $13.6 billion projected deficit, which includes an additional $2 billion for new recovery supports.
"2020 has been a tough year for families, communities and our economy. I am encouraged by the economic improvement we're seeing, but I know not everyone has been similarly affected," said Finance Minister Selina Robinson. "We will continue to support people and businesses through this pandemic and into a brighter year with the first vaccinations already arriving in BC."
The update also shows a lower impact on provincial revenues than projected in the first quarterly report, with gains in income, property transfer taxes and Crown corporation net incomes. Partial economic recovery is predicted for BC in 2021, and the report shows continued areas of economic improvement in employment, retail sales and housing activity.
"The impacts of COVID-19 have been experienced right around the globe, and it's going to be a while before a fiscal update for BC resembles anything like the pre-pandemic province we knew," Robinson said.