Provincial and Territorial Economic Accounts Review - 2010 Estimates (This post is extracted from Statistics Canada Website and the full report available here: http://www.statcan.gc.ca/pub/13-016-x/13-016-x2011001-eng.htm)
British Columbia's real GDP expanded 3.0% in 2010. Non-residential investment surged in the province as construction of hospitals, and oil and gas projects advanced. Personal spending on goods and services grew after little gain in 2009. Final domestic demand increased 5.3%, the fastest rate since 2006.
Chart 11 British Columbia's GDP
Capital spending on residential housing advanced 4.9% in 2010 following a double-digit decrease in 2009. Machinery and equipment investment also increased following a large drop in 2009. The volume of business investment remained lower than in 2008 despite the gains in 2010. Non-farm inventories registered a large draw-down in 2010.
Imports of goods and services from other countries were up sharply in 2010. Notable gains were registered for computer and related equipment, as well as for automobiles and trucks.
Exports expanded in 2010 following two years of decreases. Trade with other countries advanced 10% as notable gains were recorded in the production and export of commodities such as lumber, wood pulp, natural gas and coal.
Personal spending (+3.8%) by British Columbians outpaced the national average, after remaining nearly flat in 2009. Spending on all the major categories including durable goods, non-durable goods, semi-durable goods and services registered gains.
Government spending grew in 2010, but at about half the rate of 2009. Capital spending advanced 11%. However, both the rate of growth on spending on goods and services by government as well as on capital were below the national average.
Nominal GDP increased 5.9% as corporate profits went up 22% in 2010. Prices for all goods and services in the western-most province increased 2.7%. Prices for consumer goods and services were up 1.0%, similar to the 2009 rate. Prices of durable and semi-durable goods slipped lower in the year.
Personal income grew 4.0%, the same rate of growth as labour income. Total employment advanced 1.8% following a decrease of 2.1% in 2009. The Olympic Winter Games had a positive impact on recreation and accommodation services activity as well as labour markets.
The personal saving rate was virtually unchanged in 2010 despite a 4.8% gain in personal disposable income. The household debt-service ratio moved downward in 2010, but remained the highest in Canada.
Source: Provincial and Territorial Economic Accounts Review, 2010, Volume 7, Number 1 (13-016-X). Statistics Canada: http://www.statcan.gc.ca/pub/13-016-x/13-016-x2011001-eng.htm. Retrieved on November 8, 2011.