Mining Association of Canada | 2023 Report

The Mining Association of Canada | The Canadian Mining Story: Economic Impacts and Drivers for the Global Energy Transition 2023 5 SECTION 1 The Canadian Mining Industry: Contribution to the Economy Minerals and metals are the building blocks of the computers and smartphones we rely on, of the vehicles and public transit that get us places, of the buildings where we live and work, and of green technologies that help make the world a more sustainable place. Just as we depend on mining to provide the material we need for our daily lives, Canada relies on the industry as an integral part of the economy. Mining is one of Canada’s most important sectors and a major job creator in communities across the country. Mining experienced a strong return to form in 2021 after the challenges stemming from the pandemic in 2020. What follows is an overview of economic developments and indicators that help contextualize the economic trajectory of Canada’s mining sector. CANADIAN MINING INDUSTRY ECONOMIC OUTLOOK Canada’s Gross Domestic Product (GDP) was almost two trillion dollars in 2021. Mining, quarrying and oil and gas extraction contributed 7.9% of this value, or $156 billion as shown in Figure 1. In 2021, the sector made up a larger portion of Canada’s GDP than finance, construction, transportation or retail trade. Figure 1: The Contribution of Mining, Quarrying and Oil and Gas Extraction to Canada’s GDP1 $156.5 Billion Mining (including milling) and quarrying, and oil and gas extraction CANADA’S GDP, 2021 $1.8 Trillion All other industries 1 Data from Gross domestic product (GDP) at basic prices, by industry, monthly. Statistics Canada table 36-10-0434-01. Using 2012 constant prices.