Forecast: Financial Services Gross Value Added in Canada

The gross value added (GVA) of the financial services sector in Canada has shown a steady increase from 2013 to 2023, growing from 123.29 billion CAD to 159.7 billion CAD. Despite some fluctuations, the upward trend indicates a compound annual growth rate (CAGR) of approximately 2.02% over the past five years. The year-on-year growth rate has gradually declined, with a peak in 2014 at 6.62% and the most recent rate being 1.86% by 2023.

Future trends to watch for:

• The forecast indicates a slower CAGR of 1.3% over the next five years, resulting in a GVA of 173.42 billion CAD by 2028.
• Financial technology advancements and digital transformation will likely play a crucial role in shaping the industry's trajectory.
• Regulatory changes and economic factors, including interest rates and inflation, will impact growth rates.