Although energy undeniably plays a major role in the Canadian economy, here again there are key variations to consider. Oil and gas contribute the energy sector’s largest share to Canada’s GDP, a consequence of the high value of exports as indicated earlier in the report. Partly due to this factor, the energy sector’s contribution to the national economy is much less in terms of employment. The dependence on exports implies that oil and gas export revenues are more subject to variation, and their size underlines Canada’s vulnerability to changing market conditions in the United States. Investment figures also suggest that investment has a higher impact on job creation in the renewables sector, despite a smaller contribution to GDP.
Household energy expenditures for energy services present two dynamics that have been prominent since 2010. Changing preferences for transport, the most expensive energy service, have led to an increase in this category of expenditures. Over the 2010-2019 period, this increase reflected purchases of more expensive vehicles and higher maintenance costs rather than higher spending on gasoline.