After a brutal 2020, tinged by the economic turmoil caused by the COVID-19 pandemic, Victoria’s economy is expected to grow by 6.6 per cent next year and another three per cent in 2022 according to the Conference Board of Canada.
In its most recent major cities survey, the board reported Victoria is on track to see its economy contract by 4.4 per cent this year, a stark contrast to the average growth of 3.5 per cent annually over the previous three years.
The report pointed out the regional economy slipped by 1.8 per cent in the first quarter of this year before plummeting 7.7 per cent in the second quarter.
It also noted that it could have been worse.
“The city’s public administration sector, which accounts for almost 20 per cent of the city’s total output has partly insulated the region from the impacts of COVID-19 this year,” it said.
The report said the accommodation and foodservices sector have been hit hardest by the pandemic, falling 58 per cent in the second quarter.