A10 - The Terrace Standard, Wednesday, March 12, 1997 ..

Business REVIEW

moves

READY TO BREW:
Trevor Stephenson of
Lee Construction has
been busy turing the
quonset hut down the
street from the Legion
into the new home of
Scotiie's U-Brew. The
old tocation In the
Lazelle Ave. Mini Mall is
closed and they hope to
be open at the new
location towards the
weekend,

B.C. ECONOMY ;
Last decade a rollercoaster ride

A RECENTLY released
study of the B.C. economy
suggests the last decade has
been a mixture of ups and
downs for the average resi-
dent.

The standard of living, for
example, has either dropped
or risen slightly over the last
ten years, depending on
what you use as the measure
of economic wealth.

The real gross domestic
product (GDP) of B.C, a
figure often used lo
determine standard of
living, declined in 1995
from the 1994 level.

B.C. was the only pro-
vince in the country to have
such a decline. Its real GDP
has actually remained below
the national average since
1983,

However, another stan-
dard of living measure, the
index of aggregate econom-
ic activity, shows a five per-
cent increase since 1990,

That’s because it lakes
into account other factors
like population growth and
employment along with the
GDP.

Aud B.C.’s population bas
grown faster than the na-

tional average for more than
a decade. In 1995, the
provincial growth rale was
more than twice the national
rate, That growth bas the cl-
fect of watering down real
GDP figures.

There are more jobs in the
province naw too, 32 per
cent more than in 1981.

And it looks like the num-
ber of jobs will conlinue to
rise. A receut survey of Vic-
toria and lower mainland
employers found about 30
per cent were planning to
hire more workers in 1997,
while only about seven per
cent were planning to fire
employees,

Those jobs are certainly
needed because stuff tends
to cast more in B.C. than in
other provinces. In fact,
since 1986, price increases
here have been the highest
in the country.

The increases. are partly

~ due to the rising cost of im-

ported goods in the province
versus the reduced market
for exports.

The value of exported
B.C. products declined 6.4
per cent in 1996 according
to Stats Canada, The drop is

A - Abrasives
B - Batteries
C - Chainsaws
D - Drill Bits

G - Gloves

J -Jeans
K - Knives

N - Nails

ALL YOU NE

E - Extension Cords :
F - First Aid Kits a

H -~ Handcleaner
1 - ignition Parts

L - Lawnmowers
M - Measuring Tapes:

DATOZ

ORings _
Open Sockets
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Oil Filters
Optisorb

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Overhaul Kits
Opsal Blocks
Oregon Chain

largely attributed to a slump
in the prices af forest pro-
ducts, which were down
11.9 per cent over the year.

Nation-wide wood exports
were also down last year —
by 8.2 per cent. However,
overall exports \ were up 4
percent.

Thal’s because wood pro-
ducts only make up 14 per
cent of Canadian exports,
but a whopping 58 per cent
of B.C.’s total international
sales,

kok kk

Stalistics Canada reports

that average family income

in 1995 was about ihe same
as’ it was in 1994, an
estimated $54,161,

That’s $2,700 Jess than it
was in 1989, the peak year
for family income, and only
$400 higher than it was in
1980.

Stalistics Canada blames a
drop in the growth rate of
jobs and average weekly
earnings failing to keep up
with inflation as a reason for
the 1995 figure. -

The federal and provincial
governments also began to
trim unemployment insur-
ance and welfare payments
to case their budget woes.

HEAD

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