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In the hustle and bustle of the information age, with news and views cascading from the internet, the big picture can pass you by. However, the Canadian Tourism Commission (CTC) has just published a new in-depth report on the state of the Canadian tourism industry in relation to other sectors of the economy to redress that balance.
The Canadian Tourism Industry Benchmark Study: Where Do We Rank in the Context of the Canadian Economy? shows how the total tourism industry measures up. Using the most recent available data from 2007, the report reveals Canada’s tourism sector is performing favourably compared to other broad sectors of the economy. It ranked fourth in a composite analysis, behind: finance, insurance and real estate; wholesale and retail trade; and community, business and personal services.
It’s a strong and consistent performance over a broad range of economic and financial performance measures juxtaposed with other major economic sectors. The results suggest the tourism industry is certainly worthy of future investment considerations.
Meanwhile, the primary industries sector (agriculture, fishing and trapping, and forestry), which, like tourism represents 2% of Canada’s Gross Domestic Product, was the weakest performer in the report’s index.
The CTC commissioned The Conference Board of Canada to provide this benchmarking study on the vibrancy and competitiveness of the Canadian tourism industry.