The production of business services in Canada has shown a general upward trend from 2013 to 2023, with a few notable fluctuations. In 2020, there was a significant dip of -15.19%, likely due to the impact of the global pandemic. However, the sector rebounded in 2021 with a substantial increase of 23.5%. By 2023, the value of business services stood at 1.9356 trillion Canadian Dollars.
Over the most recent two years, the year-on-year variations were 2.39% in 2022 and 2.29% in 2023. The five-year CAGR leading up to 2023 was 2.59%. Forecasts indicate a steady growth with a CAGR of 1.74% over the next five years, culminating in a projected value of 2.162 trillion Canadian Dollars by 2028.
Future trends to watch for include:
- The impact of technological advancements and digital transformation on business services.
- The role of sustainability and ESG (environmental, social, and governance) factors in shaping the industry.
- Potential economic fluctuations and their influence on the sector's growth trajectory.
