Canadian Banking and Residential Mortgages Overview
Canadian Economy
Diverse sources of growth with a strong balance sheet
20.8%
Finance, Insurance,
& Real Estate
14.2%
Other
3.7%
Transportation
& Warehousing
6.5%
Professional,
Scientific,
& Technical
Services
6.9%
CANADIAN GDP
BY INDUSTRY
(Nov. 2021)
Public Administration
-12.6%
Health & Education
10.6%
Wholesale &
Retail Trade
7.3%
9.4%
Manufacturing
8.0%
Mining and Oil
& Gas Extraction
Real GDP Growth
ANNUAL % CHANGE
LO
5
+
3
F
U.S.
Canada
Eurozone
2021E-2023F
U.K.
Japan
2010-2019
Sources: Scotiabank Economics, Haver Analytics, Statistics Canada.
Forecasts as of Jan, 19, 2022.
Construction
GDP 2021E:
4.6%
GDP 2022F:
3.7%
GDP 2023F:
3.3%
General Government Net Debt
% OF GDP
Government Financial Deficits
0
-3
2020 2021E
(4.3)
(6.8)
-6
(9.5)
(10.2)
(9.2)
(8.9)
(10.8)
(8.8)
(10.3)
(9.0)
(12.5)
167 172
-9
(11.9)
(14.9)
(10.8)
(10.9)
(5.8)
142 142
88 90 92 97
99 102 103 103
-12
50 54
% OF GDP
2020 2021E
35 35
-15
GE
IT
FR
CA
GE
Adv. Econ.
U.K.
U.S.
FR IT JN
Adv.
Econ.
JN
U.K.
U.S.
CA*
Sources: IMF Oct. 2021 Fiscal Monitor. Calendar years shown.
* Canadian federal deficit reflects Scotiabank Economics' forecast as of Jan. 19, 2022.
Sources: Scotiabank Economics, IMF Oct. 2021 Fiscal Monitor, CBO. Calendar years
shown.
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