gross domestic product
Gross domestic product (“GDP”) measures the value of final goods and services produced in the economy. Changes in GDP are the standard measure of economic growth. Estimates are derived from provincial measures of GDP using the share of employment by industry in Nanaimo.
Nanaimo accounts for approximately 2.0 percent of BC’s GDP. Since 2011, Nanaimo’s GDP has grown by 11 percent to $4.2 billion. In 2015, growth in BC’sGDP was primarily been driven by the service producing sectors including Finance & Insurance, Real Estate, Professional Scientific Technical and Educational services. In the goods producing sector, growth in the Agriculture forestry fishing, Utilities and the Manufacturing sector managed to make up the loss from the Mining, Oil & and Gas sector.
Relative to BC, Nanaimo’s GDP has tended to grow at a similar rate. Between 2010 and 2011, declines in real estate employment resulted in Nanaimo’s growth path deviating from BC’s. Subsequently, Nanaimo’s growth rate has been similar to BC’s.