OTTAWA, Oct. 7, 2013 /CNW/ - The mutual fund industry contributed $17
billion to Canada's economy in 2012, according The Conference Board of
Canada report, Making Dollars and Sense of Canada's Mutual Fund Industry: An Economic
"Beyond helping Canadians save for retirement and providing capital for
business investment, the mutual fund industry makes a significant
contribution to the economy," said Pedro Antunes, Director, National and Provincial Forecast and co-author of the
report. "Last year, the industry directly added $5.8 billion to the
economy— slightly less than aerospace manufacturing, but significantly
more than the forestry and logging sector—and supported 192,600 jobs."
When accounting for its indirect and induced impacts, the total economic
footprint of the mutual fund industry was $17 billion in 2012, one per
cent of Canada's total gross domestic product (GDP).
The value of GDP directly attributable to the mutual fund industry is
slightly less than aerospace manufacturing, but significantly more than
the forestry and logging sector.
The industry directly employs more than 63,000 people and supports
The mutual fund industry has grown substantially over the past two
decades. With the gradual shift from defined benefit pension plans to
defined contributions, mutual funds have become one of the main
channels Canadians use to save for retirement. The value of assets
under management in the mutual fund industry grew from less than $100
billion before 1993 to $926 billion in August 2013.
Canada's mutual fund industry directly added $5.8 billion to the
Canadian economy and employed over 63,200 full-time workers in 2012.
However, the industry's economic impact extends beyond its direct
contribution to GDP. For every $1 million generated by the mutual fund
industry, it creates an additional $1.3 million in indirect benefits.
For example, activity in the mutual fund sector creates subsequent
demand for legal and accounting services.
Directly and indirectly, the industry created $12.6 billion in household
income in 2012. The income resulting from the mutual fund industry's
economic activity also improved the federal government balances by $3.9
billion and provincial government balances by $3.1 billion.
The report, Making Dollars and Sense of Canada's Mutual Fund Industry: An Economic
Impact Analysis, was funded by The Investment Funds Institute of Canada (IFIC) and is
available at www.e-Library.ca
SOURCE: Conference Board of Canada
For further information:
Yvonne Squires, Media Relations, Tel.: 613- 526-3090 ext. 221