According to a recently released end of fiscal year report, BC’s economy is reported to have recovered a lot faster than expected over the past fiscal year.
Even with the Province spending a lot of money on supporting businesses as well as people, it’s believed that BC could end the 2021-22 fiscal year with a $1.3-billion surplus because the economy in both the public and private-sector forecasts over performed projections.
The reasons for the improvement is being attributed to the economy re-opening, which meant more people could contribute to it and that led to things like increased taxation revenue, higher natural resource revenues and higher net earnings from self-supported Crown corporations.
The next report on BC’s finances is expected to be released in September and it will show how BC fared during the first quarter of the current fiscal year.
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