JASROOP GOSAL
SURREY – The Surrey Board of Trade (SBOT) is raising alarms about British Columbia’s 2023 GDP growth being disproportionately driven by government spending, according to the recently released GDP highlights report from the BC Government.
“Economic growth anchored on government expenditure is not sustainable in the long term,” said Jasroop Gosal, Interim Spokesperson for the Surrey Board of Trade. “A thriving economy needs robust contributions from the private sector, including investments, exports, and innovation.”
The report reveals that BC’s GDP grew by 2.4% in 2023, with government spending increasing by 6.9%. Business fixed capital investments contracted at 1.7%. Exports also saw minimal growth of 1.4%, reflecting weak performance in key private-sector activities. In contrast, household consumption only grew by 1.5%, signaling potential economic pressures on individuals and families. Real per capita GDP fell in BC by .08%.
“This reliance on government spending, which accounts for a growing share of economic activity, is concerning. To address this imbalance, the government must focus on policies that stimulate private-sector growth, reduce regulatory burdens, and address critical challenges like housing affordability and labor shortages.”
The Surrey Board of Trade is calling for:
- Incentives to boost private-sector investments.
- Strategic infrastructure investments that support business growth.
- Policies to strengthen export activity and diversify BC’s trade portfolio.
“Government spending plays a vital stabilizing role, but the private sector is the engine of sustainable economic growth,” concluded Gosal. “A balanced approach is necessary to ensure long-term prosperity for British Columbians.”
Read the highlights here: https://www2.gov.bc.ca/assets/gov/data/statistics/economy/economic-other/gdp_bc_2023_highlights.pdf
Jasroop Gosal is the Interim Spokesperson and Policy & Research Manager for the Surrey Board of Trade
