national tourism indicators third quarter 2022

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National tourism indicators, third quarter 2022.

Released: 2023-01-06

$19.5 billion

Third quarter 2022

(quarterly change)

$15.2 billion

$4.3 billion

Tourism spending in Canada grew 3.2% in the third quarter, a sixth consecutive quarterly increase. Tourism gross domestic product ( GDP ) (+4.2%) and jobs attributable to tourism (+3.7%) also rose in the third quarter.

Despite the tourism sector's continued recovery in the third quarter, tourism spending remains below (by 18.4%) the fourth quarter of 2019 level, before the COVID -1 9 pandemic. Spending by international visitors was 32.2% below pre-pandemic levels, a slower recovery than that of tourism spending in Canada by Canadians, at 13.5% below pre-pandemic levels.

Passenger air transport (+5.8%) contributed the most to the growth in tourism spending in the third quarter, followed by accommodation (+2.9%) and food and beverage (+2.4%) services.

Chart 1  Tourism spending increases

Tourism GDP grew 4.2% in the third quarter, following a 20.9% increase in the second quarter. Transportation services (+9.3%) drove half of the growth. With economy-wide GDP up 0.7% in the third quarter, tourism's share of GDP edged up to 1.6%. Overall, tourism GDP reached 80.7% of its pre-pandemic level.

Employment attributable to tourism rose 3.7% in the third quarter, following an 11.3% increase in the second quarter. The largest contributors to growth in the third quarter were employment in accommodation (+5.2%), food and beverage (+2.5%) and air transportation (+11.8%) services. While tourism-related employment rose, overall employment in Canada declined 0.3% in the third quarter. Therefore, tourism's share of employment slightly increased to 3.2% in the third quarter from 3.1% in the second quarter.

Chart 2  Tourism gross domestic product and jobs attributable to tourism rise

Spending by international visitors increases

Tourism spending by international visitors was up 11.6% in the third quarter, following a 72.6% increase in the second quarter. Accommodation services (+11.7%) were the main contributor to the third quarter's increase. Tourism spending by international visitors accounted for 21.9% of total tourism spending in Canada in the third quarter, up from 20.3% in the second quarter.

Chart 3  Share of tourism spending by international visitors increases

Tourism spending in Canada by Canadians increases

Tourism spending in Canada by Canadians increased 1.0% in the third quarter. Domestic spending on passenger air transport (+5.6%) largely contributed to this growth and more than offset the declines in accommodation services ( -1 .5%) and non-tourism products ( -1 .4%) spending.

Sustainable development goals

On January 1, 2016, the world officially began implementing the 2030 Agenda for Sustainable Development , the United Nations' transformative plan of action that addresses urgent global challenges over the next 15 years. The plan is based on 17 specific sustainable development goals.

The national tourism indicators are an example of how Statistics Canada supports the reporting on the global goals for sustainable development. This release will be used in helping to measure the following goal:

  Note to readers

Growth rates for tourism spending and gross domestic product ( GDP ) are expressed in real terms (that is, adjusted for price changes), using reference year 2012, as well as adjusted for seasonal variations, unless otherwise indicated.

Employment data are also seasonally adjusted.

Tourism's share of economy-wide GDP is calculated from seasonally adjusted nominal values.

Tourism's share of economy-wide employment is calculated using seasonally adjusted values.

For information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions .

Associated percentage changes are presented at quarterly rates unless otherwise noted.

Economy-wide GDP is obtained from table 36-10-0104-01 . Economy-wide employment is obtained from table 36-10-0207-01 .

Non-tourism industries , also referred to as other industries, are industries that would continue to exist in the absence of tourism. For example, the crop production and petroleum refineries industries produce products purchased by tourists. However, neither would cease to exist in the absence of tourism. Tourism GDP takes into account the production of these products purchased by tourists.

Non-tourism products , also referred to as other products, are products for which a significant part of its total demand in Canada does not come from visitors, such as groceries, clothing and alcohol bought in stores.

With the third quarter of 2022 release of the national tourism indicators, all data from the first and second quarters of 2022 have been revised.

Revisions over the 2020 to 2022 period are expected to be higher than normal due to the volatile economic situation, particularly for the tourism sector.

The national tourism indicators are funded by Destination Canada.

Next release

Data on the national tourism indicators for the fourth quarter of 2022 will be released on March 30, 2023.

The data visualization product " Provincial and Territorial Tourism Satellite Account ," which is part of Statistics Canada – Data Visualization Products ( Catalogue number 71-607-X ), is available.

The Economic accounts statistics portal, accessible from the Subjects module of the Statistics Canada website, features an up-to-date portrait of national and provincial economies and their structure.

The Latest Developments in the Canadian Economic Accounts ( Catalogue number 13-605-X ) is available.

The User Guide: Canadian System of Macroeconomic Accounts ( Catalogue number 13-606-G ) is available.

The Methodological Guide: Canadian System of Macroeconomic Accounts ( Catalogue number 13-607-X ) is available.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136 ; 514-283-8300 ; [email protected] ) or Media Relations ( [email protected] ).

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Institutional Sector Accounts Non-Financial Quarter 4 2023

• Key Findings

Households saved €19bn in 2023

The household saving rate was 12.40% in 2023, largely unchanged since 2022 (when it was 12.23%).

In Quarter 4 (Q4) 2023 the rate was 12.09%, close to its Q3 2023 level.

Households saved €19bn in 2023, of which around half went into fixed assets such as homes, with the other half going into deposits and other financial assets.

The domestic economy as a whole was a net lender to the rest of the world of €40bn in 2023, down from €53bn in 2022. However, the reduced net lending position was due to higher imports of capital assets that can be used in future production.

Imports grew by €12bn in the last quarter of 2023.

Ireland is a net exporter of goods and services, but net exports fell in 2023 from €202bn to €169bn, a change of €33bn.

While the flow of goods and services was less positive for Ireland in 2023, the flow of income on investments improved by €28bn as outflows decreased and inflows increased.

The Non-Financial sector, which is dominated by global multi-national corporations, saw a decline in profits in 2023, but significant growth on investment income from overseas holdings.  

Statistician's Comment

The Central Statistics Office (CSO) has today (11 April 2024) released the Institutional Sector Accounts Non-Financial for Quarter 4 (Q4) 2023.

Commenting on the release, Peter Culhane, Statistician in the National Accounts Analysis & Globalisation Division of the CSO, said:

"Households saved 12.09% of their income in October, November and December (Q4) 2023 (seasonally adjusted), and 12.40% in 2023 as a whole. The saving rate has averaged over 12% in the last two years,  above the long-term pre-COVID average.

The expanding numbers of people working are driving up household income as well as higher income on assets such as pension funds. Meanwhile consumption is also going up, due to higher volumes as well as higher prices.

Overall Gross Domestic Product (GDP) was lower in 2023 than 2022, even before adjusting for inflation. This was due to changes by large foreign-owned non-financial corporations in how they configure their global operations. Their Irish units reduced their purchases of manufacturing services ('Goods for Processing') significantly, but at the same time, more investment income (dividends and reinvested earnings) flowed into these corporations from abroad. These changes largely account for the significant decline in net exports and for the decline in net lending being smaller. There were also significant imports of intellectual property, which is part of capital investment for future production here.

The Government sector had a surplus of €5.9bn in the last quarter of 2023, and €8.5bn in the year as a whole (down slightly from €8.6bn in 2022). Government tax receipts and current spending both grew by €4bn in 2023 when compared with 2022, while investment income and capital spending grew by €1bn each. "

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National Tourism Indicators (NTI)

Variables for fourth quarter 2022.

• Employment generated by tourism of economy, category
• Employment generated by tourism of economy, count
• Geographic location of economy, name
• Government revenue attributable to tourism of economy, category
• Government revenue attributable to tourism of economy, value
• Supply of tourism commodities of economy, category
• Supply of tourism commodities of economy, value
• Tourism demand of economy, category
• Tourism demand of economy, index
• Tourism demand of economy, value
• Tourism gross domestic product of economy, category
• Tourism gross domestic product of economy, value
• Tourism share of GDP at basic prices of economy, proportion

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• PRESS RELEASE

ECB publishes supervisory banking statistics on significant institutions for the fourth quarter of 2023

10 April 2024

• Aggregate Common Equity Tier 1 ratio at 15.73% in fourth quarter of 2023 (compared with 15.61% in previous quarter and 15.39% in fourth quarter of 2022)
• Aggregated annualised return on equity at 9.31% in fourth quarter of 2023 (compared with 10.01% in third quarter and 7.68% in fourth quarter of 2022)
• Aggregate non-performing loans ratio (excluding cash balances) stable at 2.30% (compared with 2.27% in previous quarter)
• Statistics include breakdown of non-performing loans ratios by counterparty sector for first time
• Share of loans showing significant increase in credit risk (stage 2 loans) rose to 9.74% (up from 9.29% in previous quarter)

Capital adequacy

The aggregate capital ratios of significant institutions (i.e. those banks that are supervised directly by the ECB) were almost unchanged in the fourth quarter of 2023. The aggregate Common Equity Tier 1 (CET1) ratio stood at 15.73%, the aggregate Tier 1 ratio stood at 17.10% and the aggregate total capital ratio stood at 19.71%. Aggregate CET1 ratios at country level ranged from 12.67% in Spain to 21.54% in Estonia. Across Single Supervisory Mechanism (SSM) business model categories, global systemically important banks (G-SIBs) reported the lowest aggregate CET1 ratio (14.30%).

Capital ratios and their components

(EUR billions; percentages)

Source: ECB.

Note: “CET1” stands for “Common Equity Tier 1”.

Capital ratios by country for the fourth quarter of 2023

(percentages)

Source: ECB. Notes: “SSM” stands for “Single Supervisory Mechanism” and “CET1” stands for “Common Equity Tier 1”. Some countries participating in European banking supervision are not included in this chart, either for confidentiality reasons or because there are no significant institutions at the highest level of consolidation in that country.

Capital ratios by business model for the fourth quarter of 2023

Notes: “G-SIBs” stands for “global systemically important banks”. “Dev./promotional lenders” stands for “development/promotional lenders”. “SSM” stands for “Single Supervisory Mechanism”. “CET1” stands for “Common Equity Tier 1”.

Asset quality

The non-performing loans (NPL) ratio excluding cash balances at central banks and other demand deposits remained stable, standing at 2.30% in the fourth quarter of 2023. The stock of NPLs (numerator) was almost unchanged at €347 billion, while the total of loans and advances excluding cash balances (denominator) decreased to €15,072 billion (compared with €15,183 billion in the third quarter of 2023).

Supervisory banking statistics will henceforth include a breakdown of NPL ratios by counterparty sector . In the fourth quarter of 2023 the share of non-performing loans to total loans exhibited heterogeneous dynamics at sector level, ranging from 3.48% for loans to non-financial corporations (NFCs) to 0.70% for loans to other financial corporations (OFCs), while the ratio stood at 2.19% for loans to households.

Cost of risk was stable, standing at an aggregate level of 0.46% in the fourth quarter of 2023 (compared with 0.44% in the previous quarter). Across significant institutions, the interquartile range amounted to 0.45 percentage points (slightly up from the 0.43 percentage points seen in the previous quarter).

Aggregate stage 2 loans as a share of total loans increased to 9.74% (up from 9.29% in the previous quarter). The stock of stage 2 loans amounted to €1,413 billion (compared with €1,356 billion in the previous quarter).

Non-performing loans

Non-performing loans by counterparty sector

Note: “NFCs” stands for “non-financial corporations”. “OFCs” stands for “other financial corporations”.

Cost of risk

Loans and advances subject to impairment review

Source: ECB. Note: Stage 2 includes assets that have shown a significant increase in credit risk since initial recognition.

Return on equity

The aggregated annualised return on equity stood at 9.31% in the fourth quarter of 2023 (compared with 7.68% in the fourth quarter of 2022). A sizeable increase in operating income (driven by higher net interest income, which rose by 20% year on year) was the main contributor to the increase in aggregate net profit (the numerator of the return on equity).

In the fourth quarter of 2023, the net interest margin increased further to 1.60% (compared with 1.36% one year ago), while showing structural differences across countries. This ratio ranged from 0.91% in France to 3.74% in Latvia.

Return on equity and composition of net profit and loss

Net interest margin by country for the fourth quarter of 2023

Source: ECB. Notes: “SSM” stands for “Single Supervisory Mechanism”. Some countries participating in European banking supervision are not included in this chart, either for confidentiality reasons or because there are no significant institutions at the highest level of consolidation in that country.

Factors affecting changes

Supervisory banking statistics are calculated by aggregating the data that are reported by banks which report COREP (capital adequacy information) and FINREP (financial information) data at the relevant point in time. Consequently, changes from one quarter to the next can be influenced by the following factors:

• changes in the sample of reporting institutions;
• mergers and acquisitions;
• reclassifications (e.g. portfolio shifts as a result of certain assets being reclassified from one accounting portfolio to another).

For media queries, please contact Nicos Keranis , tel.: +49 172 758 7237.

• The complete set of Supervisory banking statistics with additional quantitative risk indicators is available on the ECB’s banking supervision website.

European Central Bank

Directorate general communications.

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• 60314 Frankfurt am Main, Germany
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• [email protected]

Reproduction is permitted provided that the source is acknowledged.

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