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Conf. Board of Canada: BC economy will grow next year

VANCOUVER (NEWS1130) – A think tank says “solid economic growth is in store” for BC next year.

The Conference Board of Canada‘s provincial outlook agrees with other forecasts that BC is likely to see weaker growth this year, saying, “Post-Olympic blues will dampen BC’s economy this year.”

The board says, “Weak growth in a number of service industries, as well as construction and forestry, will cut real GDP growth in half to just 1.9 per cent in 2011.” That’s slower than both Alberta and Ontario. But it also says “the lethargy will not last.”

It predicts the BC economy will grow by 3.2 per cent next year and points out “development of the shale gas reserves will lift non-residential investment and natural gas production over the next several years.”

The board adds most provinces are turning their attention to reducing their budget deficits this year, which will weaken growth.

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