Newspaper article The Canadian Press

Services Sector to Play Increasingly Important Role in Exports, Bank of Canada Says

Newspaper article The Canadian Press

Services Sector to Play Increasingly Important Role in Exports, Bank of Canada Says

Article excerpt

Services sector key to exports: Bank of Canada

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HALIFAX - Canada's services sector is expected to play an increasingly important role in the growth of the country's exports, a deputy governor of the Bank of Canada says.

"Canada's resource sector is shrinking in economic importance as investment and employment shift toward the non-resource sector," deputy governor Lawrence Schembri says in the text of a speech prepared for delivery in Halifax.

An advance copy of the speech was released in Ottawa.

The central bank's estimates suggest commodity exports could fall from 50 per cent of the total in 2014 to roughly 40 per cent of total exports by 2020.

However, Schembri sees significant prospects for increased exports by the services sector.

"In particular, firms in the information technology service sector, which sells business solutions, software and entertainment services, are benefiting from strong foreign demand," Schembri said. …

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