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Published by BARONMAG
Most recent studies looking at the Canadian economy have revealed some interesting facts about the country’s entertainment industry and the contribution it makes to the overall economy. The biggest contributor to this sector is, by some way, the gaming industry.
Ten years ago, figures showed that a contribution of $15 billion was about as much as the movies, television, recorded music and professional sports industries combined. This is quite a staggering statistic but the figure has since grown to about $31 billion and the industry is clearly having a massive impact on the country’s economy in a positive way.
The Canadian economy is hugely diverse and is commodities heavy. The GDP per year at the end of 2016 was $2,068 billion.
What is GDP?
GDP, or gross domestic product, is the total dollar value of recorded economic activity within a country. The way it is measured can roughly be stated as the value of a particular industry’s sales minus the costs of bought goods or services from other entities. It does not take into account unrecorded or underground economic activity but is still considered the best marker of a country’s economic output.
What sectors contribute the most to the Canadian economy?
The biggest contributor to Canadian GDP at the end of 2016 was the real estate industry. This includes things like property sales, leasing and renting, and managing a property in the country. The percentage for this sector in terms of overall contribution was 13%.
By comparison, the manufacturing sector contributed 10.4% while the arts, entertainment and recreation industry figure was 1%. At the end of 2016, Canadian exports amounted to $654 billion with 77% of exports going to the US.
The gaming industry’s contribution to the Canadian economy
So a $31 billion industry contribution to an overall GDP of $2,068 billion may seem small beans but when this figure is broken down, it shows that the industry supports hundreds of thousands of full-time jobs (this figure increases when taking into account indirect and induced impacts) and generates billions of dollars annually to fund government and community programs.
The growth in this sector is unlikely to slow with online and mobile gaming looking particularly strong. In fact, this will continue to grow as technologies become better with consumers already spoilt for choice. If you enjoy gaming then it can often be difficult to decide where to spend your money such are the number of options available for online casinos and gaming sites. There are sites available to help you decide which online casino might suit your gaming requirements best and make you at ease with your choice.
What does the future hold for the Canadian entertainment sector?
Growth forecasts are very encouraging, with the value of the entertainment and media market in Canada expected to grow to around $64 billion by 2020. This is an impressive figure and will be a massive boost to the country’s economy as a whole.
Canada is open for business and with a diverse and varied economy, different sectors are all coming together to play their part. The Canadian gaming industry is one area that is certainly contributing and looks as though it will continue to do so for many years to come.