1. The BC Economy 2011/2012
SS 10 Unit 4

2. How has the BC economy changed?
developing the liquefied natural gas (LNG) sector and attracting major project investment throughout the province
focus on small business and services, with the service sector providing almost four-fifths of our jobs
strengthening ties with Japan, China, Korea and India to become a trade hub for goods, services and people travelling between Asia and North America

3. What is the GDP? GDP= Gross Domestic Product
a measure of the value added to the economy by the current productive activities of individuals, businesses, governments and non-residents

4. How does this affect the job market?
Over the next decade, the demand for workers is expected to surpass the supply:
450,000 new jobs + 676,000 retirements = 1,126,000 total job openings

5. Jobs will be available in...
green technology, digital media and life sciences
traditional industries such as natural resources (expected to grow through innovation)
service industries including health care, high-tech and retail sales

6. What was the GDP based on in 2012?

7. Who do we sell to?

8. How did the BC economy do in 2011?
2011second consecutive year of strong export growth (13.9%) due to high commodity prices.
export demand from the European and US markets was subdued - due to their weakened economies
offset by growth in the Asia Pacific markets, and BC’s exports rebounded to their pre-recession levels last year.
In addition, BC’s real GDP grew by 2.9% in 2011, and further gains were made in the first quarter of 2012.

9. BC’s Debt?
In an attempt to further stimulate their economies, BC and many other Canadian provinces have run fiscal deficits, and seen a corresponding growth in their debt loads for the past few years ( )
Current government wanted to run a balanced budget, but hasn’t really succeeded