Canada. How does Travel & Tourism compare to other sectors? GDP. Size. Share. Canada GDP Impact by Industry. Canada GDP Impact by Industry
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1 Canada Niagara Falls in Ontario Agriculture Automotive Banking Chemicals Communications Education Financial Mining Other Service Manufacturing Manufacturing Services Retail (without wholesale) Whole How does compare to other sectors? Canada GDP Impact by Industry $US billion (214 prices) 35 Indirect & GDP Size generated, a total impact of $US 8 billion of Canada s GDP in 214. GDP is larger than that of the chemicals manufacturing and automotive manufacturing sectors. In terms of its direct GDP, is 18% the size of the financial services sector and 31% the size of the banking sector in Canada. 5 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% Canada GDP Impact by Industry Share of total economy GDP Indirect & Share Based on its direct, indirect, and induced GDP impact, generated 4.5% of Canada s GDP in 214. This is larger than higher automotive manufacturing s and chemical manufacturing s GDP impacts at 3.8% and 3.9%, respectively. s GDP impact is less than the impact of the agriculture sector at 6.2% and is approximately one-third of the impact of the banking sector at 12.1%. 1 Benchmark Report Canada May 215
2 Canada Employment Impact by Industry 214, millions 8. Indirect & Employment Employment Size sustained a total of nearly 1.1 million direct, indirect, and induced jobs in Canada in 214. in Canada directly employs more people than the chemicals manufacturing, automotive manufacturing, agriculture, mining, and banking sectors. Of note, directly and indirectly supports more jobs than the chemicals manufacturing, automotive manufacturing, agriculture, and mining sectors.. Canada Employment Impact by Industry Share of total economy employment 45% Indirect & 4% 35% 3% Employment Share generated, either directly or indirectly, 6.% of Canada s employment in 214. For every job directly in the Travel & Tourism sector, another 1.3 jobs are created on an indirect or induced basis, making its linkages stronger than in the education sector. 25% 2% 15% 1% 5% % Growth CAGR% Canada GDP Forecast by Industry 1.5% 1.7% 1.7% 1.9% 2.% Growth Trends direct industry GDP expanded 19% between 1995 and 214 while the total economy expanded 61%. The chemicals manufacturing industry grew just 6%, and the automotive manufacturing industry grew just 11% over this 19-year period. Growth Forecast 2.% 2.5% 2.7% 2.7% 3.% GDP is expected to grow at an annual average of 23.% over the next decade. 2 Benchmark Report Canada May 215 In comparison, the total economy is expected to expand 2.% per annum while education and agriculture are forecast to grow 1.9% and 1.7% per annum, respectively, in real, inflation-adjusted terms.
3 Canada Service (214) 69,497 Tourism s Share of 16,582 $US million is a significant source of export revenue for Canada. In 214, visitor exports totalled nearly $US 17 billion. This was 19% of all service exports and 2.9% of all exports (including goods and services). Growth of Tourism Between 2 and 214, Canada s Travel & Tourism exports expanded 33%. Total exports of goods and services outpaced exports and grew 73% between 2 and 214. Impact of $1m spending Canada Linkages GDP ($m) Indirect Comparing the effect of $1 million in spending Spending in a sector will have varying impacts on GDP, depending on the local value added and linkages to the rest of the economy. In Canada, $1 million in spending (consumption) generates $1.4 million in GDP. This is roughly the same impact as the financial services sector % 8% 6% 4% 2% % 3 Leakages per $1 spend Canada Imports Supplier Imports Benchmark Report Canada May 215 How much of T&T spending stays in the economy? When travellers spend money in a destination, not all of it remains in the economy as some goods and services need to be imported. This represents leakage to the economic value produced. In Canada, a mere 11% of spending leaks out of the economy through imports. The chemicals industry requires imports amounting to 28% of sales. Beneficiaries of is interconnected with the entire Canadian economy. These links exist through the supply chain to the Tourism industry (indirect linkages) as well as through Tourism-earned incomes as they are spent across a variety of other sectors. In this sense, the sector has many beneficiary sectors across the whole spectrum of the economy. For every $US 1 million in sales, $US 157, of GDP is generated in the real estate sector. The wholesale and retail sector gains $US 139, for every $US 1 million in spending on.
4 Jobs Employment Impact of $1m spending Canada Indirect Employment Generation s employment potential For every $1 million in spending, 18 jobs are supported. (6 direct, 9 indirect, and 3 induced) This compares favourably to the average of the economy, which generates 12 jobs per $1 million in spending. Financial services: 13 jobs per $1 million Auto manufacturing: 1 jobs per $1 million Communications: 11 jobs per $1 million Education: 19 jobs per $1 million GDP, 214 ($US billion, 214 prices) Indirect + Total % Total Agriculture % Mining % Chemicals Manufacturing % Automotive Manufacturing % Retails (without wholesale) % Financial Services % Banking % Education % % Employment, 214, s Indirect +, s Total, s % Total Agriculture % Mining % Chemicals Manufacturing % Automotive Manufacturing % Retails (without wholesale) 2,224 5,299 7, % Financial Services 81 1,272 2, % Banking 417 1,84 1,51 8.4% Education 1,396 1,25 2, % ,75 6.% 4 Benchmark Report Canada May 215
5 Data Sources & Methodology GDP & Employment: Main data sources for comparative sectors: United Nations International Labour Organization; OECD; CEIC Data Manager; Eurostat (European Commission); UK Office for National Statistics (ONS); Oxford Economics Cities and Regions Forecasting Service; UNESCO; Groningen Growth and Development Centre; UN World Input-Output Database (WIOD); Oxford Economics Global Industry Model; Oxford Economics Global Economic Model; Oxford Economics UK Regional Model; and Various country-specific National Statistics Office websites GDP and employment figures are drawn from Oxford Economics analysis for WTTC using the Tourism Satellite Account framework. Main data sources: World Trade Organization (WTO) IMFBOPA Oxford Economics. Total exports, total service exports and total goods/merchandise exports are sourced originally to national accounts and central bank balance of payments data. Service exports taken from IMFBOPA database for all countries where possible. 2 figures taken from above, 214 estimated using 213 shares of total and applied to totals for 214. All currency figures are stated in 214 US dollars. Linkages Main data sources: OECD, National Statistical Offices, Oxford Economics Input-output tables for all countries were sourced from either the OECD or, when not available, National Statistical Offices. From the input-output tables, multiplier matrices were developed for each economy, detailing the flow of spending in an economy that occurs as a consequence of spending in a given industry. For each of the comparator sectors, a spending shock of $1 million was simulated, with the resulting spending impacts in every industry in the economy recorded. These spending outcomes were translated into gross value added (GVA) using the GVA/output ratios available in the input-output tables, and employment, using productivity level data developed from the GDP and employment figures derived elsewhere in the study. multipliers are drawn from Oxford Economics / WTTC ongoing Tourism Satellite Account analysis. Global and regional multipliers were calculated as the weighted average of all relevant nations, with weightings assigned according to sector GDP. About WTTC & Oxford Economics The World Council (WTTC) is the forum for business leaders in the industry. With Chief Executives of some one hundred of the world s leading companies as its Members, WTTC has a unique mandate and overview on all matters related to. WTTC works to raise awareness of as one of the world s largest industries, supporting 26 million jobs and generating 9 per cent of world GDP in 212. WTTC advocates partnership between the public and private sectors, delivering results that match the needs of economies, local and regional authorities and local communities with those of business. Oxford Economics is one of the world s leading providers of economic analysis, forecasts and consulting advice. Founded in 1981 as a joint venture with Oxford University s business college, Oxford Economics enjoys a reputation for high quality, quantitative analysis and evidence-based advice. For this, its draws on its own staff of over 7 highly-experienced professional economists; a dedicated data analysis team; global modelling tools, and a range of partner institutions in Europe, the US and in the United Nations Project Link. Oxford Economics has offices in New York, Philadelphia, San Francisco, Chicago, London, Oxford, Belfast, Dubai, and Singapore. The Harlequin Building 65 Southwark Street London, SE1 HR United Kingdom T. +44 () F. +44 () E. enquiries@wttc.org
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India Taj Mahal in Agra Agriculture Automotive Banking Chemicals Communications Education Financial Mining Other Service Manufacturing Manufacturing Services Retail (without wholesale) Total How does compare
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