In 2023, the Gross Value Added (GVA) by Scientific Research and Development in Canada reached 8.36 billion Canadian Dollars. The year-on-year growth for 2023 was 4.62%, continuing a sustained growth trend observed over the past decade. The average annual growth rate (CAGR) over the past five years, from 2018 to 2023, was 4.96%. This steady increase marks a notable period of growth, reflecting Canada's commitment to boosting scientific research and development.
Future projections suggest a continued rise in GVA for the sector, reaching 10.16 billion Canadian Dollars by 2028. The forecasted five-year CAGR from 2024 to 2028 is 3.08%, with an overall growth rate of 16.36% over this period.
Future trends to watch for include increased funding and investments in scientific research, advancements in technology and innovation, and potential governmental policy changes aimed at fostering R&D activities. These factors are expected to drive sustained growth in the sector, maintaining its critical role in Canada's economic development.
