Over the past decade, Canada's productivity growth rate in the Computer Software and Databases sector displayed significant variation. Following a peak growth of 10.8% in 2019, there was a slight decline to 9.7% in 2020, stabilizing around 6.9% in the following years, with the current rate being 6.56% in 2023. Since then, forecasted growth shows a gradual decline, reaching 6.14% by 2028, indicating a slight downward trend.
Particularly noteworthy is the forecasted Compound Annual Growth Rate (CAGR) over the next five years, standing at -1.04%, translating to a forecasted decline of 5.12% cumulatively over this period.
Trends to watch for:
- Adoption of emerging technologies such as AI and machine learning could reignite higher productivity growth.
- Government policies and investments in digital infrastructure might influence future productivity rates.
- Global economic conditions and competition will affect Canada's competitive stance in software and database productivity.
