Collins Crows BC Economy

Government of BC Press Release

New figures from Statistics Canada show B.C.'s economy grew by
2.5 per cent in 2003, higher than expected in the February budget and
outpacing the national average growth rate for the first time in seven
years, Minister of Finance Gary Collins said today.

"This is yet another sign that our plan to make B.C. an economic leader is
working," said Collins. "Despite serious challenges in 2003 like SARS, BSE,
forest fires and floods, our economy gained momentum and positioned us for
even stronger growth this year."

Statistics Canada's latest figures show British Columbia's real gross
domestic product (GDP) increased 2.5 per cent, higher than the national
increase of 2 per cent. British Columbia tied for fourth place in economic
growth among the provinces and this marked the first time since 1996 that
B.C.'s economy grew faster than the national average. The February 2004
budget forecast real GDP growth for 2003 at 1.5 percent.

"British Columbia is moving from the back of the pack where it was mired for
most of the 1990s and we are well our way to becoming a leader," said
Collins. "We've been leading the country in job growth and many national
economic forecasters are saying B.C. will be one of the leaders in economic
growth this year and next year."

Standard & Poor's, one of the world's leading credit rating agencies,
recently upgraded British Columbia's credit rating - the first such upgrade
in 15 years - citing the government's success in restoring sound fiscal
management and "the solid performance of British Columbia's economy in 2003
and the strengthening trend year to date in 2004."

The First Quarterly Report, released Sept. 14, showed broad-based economic
growth conditions and sound fiscal management are generating a healthy
budget surplus that is expected to reach $865 million this year.

"Our plan to balance the budget and revitalize the economy is creating new
opportunities to reinvest those benefits in British Columbians' priorities
and make B.C. and even better place to live," said Collins.