49
B C B U S I N E S S . C A
J U LY/A U G U S T
2 0 24 A d o b e S t o c k / C h a o t i c D e s i g n S t u d i o ; b a c k g r o u n d : A d o b e S t o c k / Ye s P h o t o g r a p h e r s
OFFICIAL GDP FIGURES, JUICED AS
they have been lately by record-high immi-
gration, have yet to confirm it. But if you look
at the financial results of this year's Top 100
companies, it's instantly apparent: British
Columbia is mired in an economic slowdown.
Aggregate revenues for the Top 100
crept only marginally upward in 2023,
to $281 billion from $262.7 billion a year
earlier, following 16-percent-plus jumps
in 2021 and 2022. That represented a
6.6-percent increase, barely matching the
rate of inflation, and is consistent with
TD
Economics estimates from March, which
pegged nominal
GDP growth at 2.7 per-
cent and real (inflation adjusted) growth
at 1 percent in 2023. Don't expect a quick
turnaround in 2024, either;
TD expects just
half a percentage point of real growth. Even
the provincial government is projecting less
than 1 percent.
THE
TOUGH
GET
GOING
B.C.'s economic
slowdown is evident
in the Top 100's
results. Still, there
were a few standout
performers
by MICHAEL McCULLOUGH
ROCKY ROAD
B.C.'s natural resources sector is feel-
ing the heat, with revenues for mining
and forestry companies in decline
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