Scotiabank Business Overview and Economic Outlook
Canadian Economy
Diverse sources of growth with a strong balance sheet
21.1%
Finance, Insurance,
& Real Estate
14.5%
Other
3.7%
Transportation
& Warehousing
6.2%
Professional,
Scientific,
& Technical
Services
7.0%
CANADIAN GDP
BY INDUSTRY
(Nov. 2020)
Public Administration
GDP Growth 2021F:
5.3%
-12.4%
Real GDP Growth
Health & Education
10.8%
Wholesale &
Retail Trade
7.2%
9.8%
Manufacturing
7.3%
Mining and Oil
& Gas Extraction
Construction
GDP Growth 2022F:
4.3%
ANNUAL % CHANGE
3
N
U.S.
2010-2019
Canada
Eurozone
2020e-2022f
U.K.
Japan
Sources: Scotiabank Economics, Haver Analytics, Statistics Canada.
Forecasts as of Feb 4, 2021.
General Government Net Debt in 2020
% OF GDP
Government Financial Deficits in 2020
0
-5
(8.2)
(10.8)
-10
(13.0)
177
(14.2) (14.4)
149
-15
(16.5)
(18.7) (18.7)
107
110
96
98
-20
54
% OF GDP
46
-25
GE
FR IT JN
Canada Germany OECD
U.K.
U.S.
France
Italy
Japan
Adv.
Econ.
U.K.
CA*
U.S.
Sources: Scotiabank Economics, IMF Fiscal Monitor (October 2020).
* Canadian federal deficit reflects Scotiabank Economics' forecast as of Oct. 14, 2020.
Sources: Scotiabank Economics, IMF Fiscal Monitor (October 2020 estimates), CBO.
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