Today, Statistics Canada is publishing a new study entitled "Shifting Economic Conditions Impact Service Industries in 2023."
According to this study, service industries are navigating through volatility and adjusting to fundamental economic changes. Most service industries saw slower revenue growth in 2023 compared with 2022. Nonetheless, compared with pre-COVID-19 pandemic years, revenue in service industries continued showing significant expansion.
There were notable exceptions, especially in informatics services, where demand remained strong in 2023, primarily attributable to the accelerating digitalization of the economy and outsourcing of information technology needs.
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