The Financial Services and Insurance sector in Canada demonstrated considerable growth from 2013 to 2023, where its Gross Value Added (GVA) grew from 90.1 billion Euros to 109.35 billion Euros. Throughout this period, the industry showed a tendency for both upward and downward fluctuations, with notable increases of 8.31% in 2015 and 6.35% in 2019, and declines such as in 2014 (-0.49%) and 2016 (-3.59%).
Over the last five years ending in 2023, the sector's Compound Annual Growth Rate (CAGR) was 2.6%, pointing towards a steady growth trajectory. The year-on-year variations from 2021 to 2023 were relatively stable within the range of 1.8% to 1.94%, suggesting a period of moderate growth and consolidation. In 2023, the GVA stood at 109.35 billion Euros.
Looking ahead, the forecasted CAGR for the next five years is 1.26%, with a total forecasted growth rate of 6.47% from 2024 to 2028, indicating a more gradual pace compared to the high volatility seen in earlier years.
Future Trends to Watch For:
- Impact of technological advancements in FinTech, influencing operational efficiencies and customer engagement.
- Shifts in regulatory environments which could impact sector stability and growth.
- Economic fluctuations affecting investment trends and consumer spending in financial and insurance products.
- Potential market disruptions from new entrants or non-traditional financial service providers.
