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Chartered Accountants Bullish on BC's Economy -- Survey

91% of CAs see better times ahead for BC in first annual CA Business Outlook report

FOR IMMEDIATE RELEASE
January 2, 2002

Vancouver - A survey of chartered accountants by Ipsos-Reid shows that BC's top number crunchers are optimistic about the province's economic prospects. Almost two-thirds (62%) of chartered accountants polled said they expect BC's economy to improve in 2002, and 91% of CAs expect BC's economy to be robust within five years.

"There is a lot of optimism about our province's future from the CA profession," said Richard Rees, CEO of the Chartered Accountants of British Columbia. "CAs not only expect BC's economy to be doing well within five years, they expect us to be outperforming the rest of Canada."

CAs are somewhat divided on when the North American economy will recover, although a majority (58%) see a turnaround in 2002, with 29% expecting improvement in the third quarter of this year. Another 27% of CAs see economic improvement in the first half of 2003.

The CA Business Outlook survey also found that 58% of chartered accountants expect BC's economy to be outperforming the rest of Canada within five years, compared to only one-quarter (26%) who say the province will continue to lag behind other provinces.

CAs on Vancouver Island are the most optimistic about BC's future economic prospects, with 96% seeing better times ahead in the next five years.

When asked if their businesses would expand or contract in the next five years, 74% of CAs who work for companies said they would expand, while only 6% expect contraction. For CAs who work for CA firms, 66% expect their clients' businesses to expand, compared to only 3% who anticipate downsizing.

"Clearly, chartered accountants see the province as having hit bottom and the only way to go is up," said Rees. "CAs are key advisors in both the contraction and expansion of businesses, and their optimism is very encouraging."

Rees said that CAs are on the front lines of business and they are usually among the first to see the results of a downturn and the first to recognize the signs of economic improvement.

The CA Business Outlook survey was conducted by Ipsos-Reid and commissioned by the Chartered Accountants of British Columbia. Ipsos-Reid surveyed 450 chartered accountants by telephone between December 5-17. A random survey of 450 people is considered accurate to within +4.6%, 19 times out of 20.

More details on the Ipsos-Reid CA Business Outlook survey results are available online at www.ica.bc.ca. More results of the survey will be released next week.

The 8,300 CAs in BC provide expert advice to a variety of small and large business; are key members of management teams; or consult to private industry and the public sector. As members of the Institute of Chartered Accountants of British Columbia, they adhere to a strictly enforced code of conduct and ongoing professional development.

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For more information, contact:

Craig Fitzsimmons
Public Affairs Manager
Tel: (604) 488-2625/1-800-663-2677
E-mail: fitzsimm@ica.bc.ca

Background

What will happen to the US, Canadian, and BC economies in the next year.

What will happen to the US, Canadian, and BC economies in the next five years.

When will the North American Economy Turnaround

BC economic growth compared to the rest of Canada in next five years

Do you expect your clients' businesses to expand or contract in next five years - CAs who work for CA firms

Do you expect your organization to expand or contract in next five years - CAs who work for companies