Forecast: Output of Financial Services in Canada

The output of financial services in Canada has shown relatively steady growth over the past decade, starting from 222.93 billion CAD in 2013 to reaching 303.77 billion CAD in 2023. The year-on-year variation has fluctuated, peaking at 6.6% in 2014, with the most recent variation in 2023 being 2.52%. The last five years (2019-2023) have witnessed an average annual growth rate (CAGR) of 2.57%.

Future projections indicate a progressive increase, forecasting the output to reach 339.94 billion CAD by 2028. The forecasted average annual growth rate for the next five years (2024-2028) is a steady 1.79%, suggesting more moderate growth compared to the historic period but still positive as the industry continues to expand.

Future trends to watch for include:

• Technological advancements impacting service delivery and efficiency.
• Regulatory changes that may influence market dynamics and operational costs.
• Economic conditions, both domestic and global, that could affect financial markets.
• Consumer behavior shifts towards digital and sustainable financial products.