The GDP in Canada expanded by 0.8 percent on the quarter during the three months leading to June 2022, equaling the growth rate from the previous period to mark four consecutive quarters of growth. The accumulation of business inventories contributed the most to growth, seen in both in non-farm and farming inventory investments. Final consumption expenditure grew by 1.7 percent, with strong contributions from household spending on semi-durable goods (5.6 percent) and services (3.9 percent). On the other hand, net foreign demand contributed negatively to real GDP growth, as the substantial rise in imports (6.9 percent) outpaced the slight rebound for exports (2.6 percent). On an annualized basis, the economy expanded by 3.3 percent, missing expectations of a 4.4 percent growth.
No matter the measuring stick, tourism means
business in Canada. Not only is it a meaningful contributor
to the economy of every Canadian province and territory,
but because of its unique structure and expansive influence,
the tourism system makes a meaningful contribution to the
performance levels of many related sectors and industries
(e.g., retail, arts and culture).
Total tourism spending in Canada (by international
visitors to Canada as well as Canadians traveling within
Canada) reached $78.8 billion in 2011. This spending
resulted in:
Gross Domestic Product (“GDP”) of $26.4 billion in
constant dollars (i.e., adjusted for inflation) and $31.2
billion in unadjusted dollars.
Tax revenues to all three levels of government of
$22.0 billion.
603,400 jobs
GDP is generated from four core tourism commodities:
accommodation, transportation, food and beverage, and
“other tourism industries” (e.g., recreation, travel services)
as well as sectors outside the tourism industry (e.g., retail).
As with the ten-year trend line for GDP, tourism
employment has seen negligible growth, in fact total
employment in 2011 is slightly below that reached in 2000
The economy of Canada is a highly developed mixed-market economy.[30][31] It is the 8th-largest GDP by nominal and 15th-largest GDP by PPP in the world. As with other developed nations, the country's economy is dominated by the service industry which employs about three quarters of Canadians.[32] Canada has the third-highest total estimated value of natural resources, valued at US$33.98 trillion in 2019.[33] It has the world's third-largest proven oil reserves and is the fourth-largest exporter of crude oil. It is also the fifth-largest exporter of natural gas.
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