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February 16, 2005

"Golden Decade" to be as Good as the 1990s

Isn't it strange that a government that spends a great deal of time misrepresenting the record of the 1990s would start its "Golden Decade" with an economic forecast that real GDP will grow at the average rate achieved throughout the 90s? In his budget speech Finance Minister Collin Hansen said: "we are forecasting real economic growth of 3.1% in 2005 and 3.0% in each of the two following years."

The following table shows GDP for 1991 and 2000 in constant 1997 dollars. The real economic growth over those 9 years, and on an average annual basis, is also shown in the table. Contrary to the election rhetoric from the Campbell Liberals, BC ranked in fourth place with 3.0% average annual real growth. When the period 2001 through 2003 is examined, BC slipped to fifth place with average annual real growth of 2.9%. Preliminary estimates for 2004 will not be released by Statistics Canada until late April 2005; those estimates will be revised in November 2005.

1991
GDP
billions of 1997$
2000
GDP
billions of 1997$
growth average
annual
growth
Alta
82.925
121.153
46.1%
4.3%
Ont
304.468
429.105
40.9%
3.9%
PEI
2.335
3.111
33.2%
3.2%
BC
95.897
125.145
30.5%
3.0%
Que
166.241
215.424
29.6%
2.9%
NB
14.999
18.942
26.3%
2.6%
Man
26.339
32.846
24.7%
2.5%
Sask
25.219
31.252
23.9%
2.4%
NS
18.570
22.970
23.7%
2.4%
NL
10.301
12.322
19.6%
2.0%
Source: Statistics Canada,
CANSIM table 384-0002

 

 

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