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July 18, 2003
BC Progress Board Releases 2003 Interim Benchmarking Report on the Economy
Vancouver BC -- The BC Progress Board today delivered its 2003 Interim Benchmarking Report to Premier Gordon Campbell.
BC's annual rate of real economic growth, expressed on a per person basis, improved from 10th place in 2001 to 8th position in 2002. The province held firm at 3rd place in Canada for the level of real personal disposable income per capita, a key measure of standard of living, and placed 7th on the employment rate (ages 15-64), down from 6th position in 2001. In its first and second annual benchmarking reports, the Progress Board set targets for BC to place 1st or 2nd on each of these measures by 2010.
"The 2002 results point to a mixed picture in BC's economic performance", said Tim McEwan, Executive Director of the Board. "A slowing North American economy affected BC's overall performance. Going forward, we must continue efforts to improve our export performance and step up efforts to market BC as a place to invest", he noted.
The Interim Report includes a special topic benchmarking BC's economic growth and employment rate relative to member countries of the Organization for Economic Cooperation and Development (OECD). "The lesson from OECD jurisdictions which have transformed from laggard to leader is that a competitive tax structure, an educated workforce, the attraction and retention of business investment, and a strong focus on export industries are key to economic and social success", McEwan stated.
The Interim Report focuses on BC's economic performance relative to other jurisdictions and against benchmarks the Board has established for 2010. The Board's Third Annual Benchmarking report will be tabled in December and will provide a complete report on BC's economic, innovation, education, environment, health and social performance. Most 2002 cross-jurisdictional data is not available for the Interim Report.
The BC Progress Board, established by Premier Gordon Campbell in July 2001, is an independent Panel of 15 senior business and academic leaders. The Board's mandate is to competitively benchmark BC's progress relative to other jurisdictions and to provide the government with strategic advice on ways to improve the performance of the provincial economy and its social policy supports.
The 2003 Interim Report is available on the BC Progress Board's website: www.bcprogressboard.com
The Board also invites public feedback via the website.
Contact: Tim McEwan
Executive Director, BC Progress Board
(604) 775-1664
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