Global Wealth Management Update

% OF GDP Real GDP Growth Canadian Economy Diverse sources of growth with a strong balance sheet 20.2% Finance, Insurance, & Real Estate 14.8% Other 4.1% Transportation & Warehousing 6.6% Professional, Scientific, & Technical Services 7.0% CANADIAN GDP BY INDUSTRY (Nov. 2022) Public Administration GDP 2022E: 3.6% 12.5% Health & Education 7.3% 10.4% Wholesale & Retail Trade 9.3% Manufacturing 7.7% Mining and Oil & Gas Extraction Construction GDP 2023F: 1.1% GDP 2024F: 1.6% General Government Net Debt 2021 2022E ANNUAL % CHANGE N 3 U.S. 2010-2019 Canada Eurozone U.K. Japan 2022E-2024F Avg. Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of Feb 6, 2023. Government Financial Deficits 0 N (5.0) (2.2) (3.7) (3.3) (7.2) (3.6) (10.9) (4.0) (8.0) (4.3) (6.4) (5.1) (7.2) -4 -6 168 173 138 135 -8 100 95 101 100 84 86 83 -10 75 % OF GDP 47 48 32 31 -12 CA GE Adv. CA GE U.K. Adv. Econ. U.S. FR IT JN Econ. Sources: IMF Oct 2022 Fiscal Monitor. Calendar years shown. 2021 2022E (5.4) (6.7) (7.9) U.S. U.K. FR IT JN Scotiabank Economics, IMF Oct 2022 Fiscal Monitor, CBO. Calendar years shown. 61

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