Published twice a year, the Canadian Industrial Outlook Service includes detailed, five-year forecasts in 10 key Canadian industry sectors. Outlooks for several financial and economic variables—prices, production, revenues and expenditures, profits, gross domestic product, and employment—are generated, based on forecasts of key domestic and international factors such as interest rates, exchange rates and tax policy.
Document Highlight
The food manufacturing industry had a tough year in 2003. Along with the tourism industry, food manufacturing has been one of the hardest hit sectors of the Canadian economy. A number of domestic and international factors, as well as many extraordinary events, have combined to rattle an industry that will have recorded a decline in overall real output of 0.6 per cent in 2003. There was also a significant decline in growth in employment in 2003. Fortunately, the fall in output was not expected to result in a drop in profitability, as overall costs were forecast to decline at an even faster pace than revenues. Profits were expected to reach $2.4 billion in 2003, the same as the $2.4 billion earned in 2002. In 2004, rising costs will result in a decline in profitability to $2.2 billion. Over the medium term, profitability will range from $2.2 billion to $2.5 billion.
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