Canadian Services in the 3rd Quarter of 2000
Jan 31, 2001
Services industries in Canada registered a 4.4% annual growth in the 3rd quarter of 2000 according to Statistics Canada third quarter services indicators. The growth rate was twice the growth rate for the goods sector in the same period. The performance of the service sector was spurred by fast growth in the computer services industry that grew 14.2% since the 3rd quarter of 1999. Value added services and wireless communications excelled in the 3rd quarter and explained the 11.9% growth in telecommunications while financial services grew 11.2% despite the negative growth in insurance services (-0.3%).
Engineering and architectural services also achieved over 10% growth in the 3rd quarter of 2000 boosted by a surge in services demand for these types of services that recorded over 10% growth. Overall, consumer spending in services rose by 5.5% with financial services and telecommunications having double-digit growth rates.
Canadian services industries created 309,000 jobs since 1999. Health care and social assistance and retail trade explain almost 50% of the new jobs, but the fastest growing employment rates are in the advertising industries with 29.5% growth in the 3 quarter of 2000 and information services with 23% growth in the same period.
Canada’s services trade deficit increased by 3% from the 3rd quarter in 1999 after the deficit in transportation services and in travel worsened in this period. The commercial services deficit improved but fell short of offsetting the downturn in other industries.
Statistics Canada Services Indicators Third Quarter 2000. The report may be downloaded from:
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