The forecasted Gross Value Added for Canada's Accommodation and Food Services sector shows a consistent upward trend from 2024 to 2028, starting at 59.81 billion CAD and reaching 68.23 billion CAD. Comparing this forecast with its standing in 2023, the sector is poised for growth. Year-on-year growth is anticipated to be steady, showing a moderate increase each year. The compound annual growth rate (CAGR) over these five years reflects a robust average annual growth rate, indicating a healthy recovery and expansion phase.

Future trends to monitor include:

Shifts in consumer preferences due to evolving demographics and lifestyle changes.
Impacts of technological advancements on service delivery and operational efficiency.
Potential implications of economic factors such as inflation or changes in disposable income.
Government policies affecting travel, tourism, and hospitality sectors.