Core Target 1: Economic Growth

Core Target One is based on growth in inflation-adjusted Gross Domestic Product.

BC placed ninth in the Progress Board's target for economic growth in 2008, down from seventh in 2007. BC's growth rate was below the national average in 2007 and in 2008.

The last time BC's real GDP per capita decreased was in 2001 and the last time BC's growth was below Canada's for two years in a row was in 2000 to 2001, the last two of eight years of subpar growth.

BC's level of real GDP per capita was fifth among the provinces in 2008. 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 $22,000, with BC $14,000 below the top and $8,000 above the bottom extremes.

North American Comparison

In North America, BC ranked 52nd for real GDP per capita annual growth in 2008, down from 24th in 2007 and 11th in 2006. BC recorded its first negative growth since 2001.

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 2008 and has moved between 48th and 52nd since 1998. BC sits roughly $35,500 below second-place Delaware and $8,000 above last-place Prince Edward Island.

International Comparison

BC's real GDP growth rate has fluctuated substantially over the past two decades. Ranks range from fifth in 1993 to 29th in 2001. In 2007, BC ranked last among the 31 jurisdictions used for the international comparison from eleventh place in 2006.

BC has achieved a relatively high ranking for GDP level, however. It ranked 15th in 2007 in real GDP per capita among OECD countries, well ahead of last-place Mexico but lagging considerably behind first-place Norway.