In 2023, the Wholesale, Retail Trade, Restaurants, and Hotels sector's contribution to Canada's GDP stood at 11.89%. Forecasted data indicates a gradual decline from 11.83% in 2024 to 11.59% in 2028, suggesting a consistent annual decrease in value. This results in a compound annual growth rate (CAGR) of approximately -0.53% over the five-year period.
Future trends to watch for include:
- The impact of e-commerce growth on traditional retail sectors.
- Technological advancements in hospitality and their effect on business operations.
- Potential policy changes affecting trade agreements and economic conditions.
- Consumer spending shifts influenced by economic and demographic changes.
