Updated July 13, 2004

Finance and services

If asked how the average Canadian household spends the biggest part of its paycheque, most people are likely to point to essentials such as groceries and clothing, or big-ticket items like furniture, appliances and cars. In fact, the lion's share of the consumer dollar pays for services.

Canadian consumers are demanding more as well as different types of services (for example, recreation, investment and Internet shopping) to make their lives more convenient, secure or interesting. As a result, the services sector—which includes financial services—has become one of Canada's most adaptable, continually delivering faster, better and more innovative offerings to consumers and businesses.

In 2002, the entire services sector comprised 69% of the Canadian economy. Of the services sector, 22% was provided by the non-business sector, largely made up of government services such as schools, hospitals and other federal, provincial and municipal departments.

Financial, business and personal services are also offered by commercial businesses, ranging in size from huge multinational corporations to home-based enterprises in almost every neighbourhood across the country.