The employment in the Refined Petroleum Products and Coke sector in Canada witnessed fluctuating trends from 2013 to 2023. The actual data demonstrates cyclical variations with notable downturns in 2020 and 2023. Noteworthy variations include a dramatic decline in 2020 by 17.8% and a subsequent substantial recovery in 2021 by 30.02%. However, the overall trend from 2019 indicates a contraction.
From 2019 to 2023, the Compound Annual Growth Rate (CAGR) was approximately -2.43%, reflecting an overall decline in employment. 2024 marks the beginning of forecasted data, suggesting a continued gradual decline in employment. The forecasted five-year CAGR till 2028 is projected to be -0.3%, signaling a modest reduction year on year.
Future trends to watch for include technological advancements leading to increased automation, potential regulatory changes aimed at sustainability, and market fluctuations due to global energy transitions that may influence demand and employment dynamics in this sector.
