Economic Growth

economic growth: B.C.s pre-election budget surplus of $197 million in February has shrunk to a projected $153 million because of lower-than-expected economic growth, Finance Minister Mike de Jong said Thursday as he introduced a budget update. , according to Times Colonist. The latest cuts include $30 million in efficiencies on top of $15 million in cuts announced in February and $100 million in savings to be found as part of a core review of government services by 2016. A lacklustre economy has tightened B.C.s razor-thin budget and forced yet another round of government cost-cutting, the provinces finance minister says. That will mean a fifth-straight year of austerity measures for the provincial government, which has already seen more than $3 billion in spending hacked out of ministries and services since the global economic recession in 2009. (www.immigrantscanada.com). As reported in the news.