The Standards Council of Canada (SCC) report, Getting Aligned: How Adopting Standards Affects Canada’s Productivity and Growth, clarifies and confirms that standards contributed nearly $3 billion of the $39 billion increase in Canada’s real GDP in 2014, proving the essential role standards play in our nation’s economic growth.
Key findings of the report, commissioned by the SCC and produced by The Conference Board of Canada, include:
- It is estimated that, by the end of 2014, growth in the number of standards contributed $91 billion to real GDP.
- Between 1981 and 2014, standardization contributed 7.8 per cent of the growth rate in Canada’s real GDP.
- Over the same period, the number of standards rose, on average, 1.2 per cent per year, and real GDP grew at an average of 2.5 per cent annually. Standardization was also associated with an increase of 16.1 per cent in the growth of labour productivity.
Developing and using standards will help fuel a more competitive and innovative Canadian economy. They help businesses thrive and compete, keep Canadians safe, and support clean growth and infrastructure.
Read the complete report: Getting Aligned. How Adopting Standards Affects Canada’s Productivity and Growth.