The economic importance of the beef sector can’t be determined just by looking at farm cash receipts, says Canfax. A new study adds in “direct, indirect and induced impacts” that flow from cattle production.
“For Canada in the 2018-20 period, the cattle sector had $51.6 billion in goods and sales, contributed $21.8 billion to gross domestic product at market prices, including $11.7 billion in labour income and is directly or indirectly associated with creation of 347,352 full-time equivalent jobs,” the report done for Canfax states.
“For every $1 of income received by workers and farm owners, another $6.22 are created elsewhere.”
For the full report titled ‘The Beef Industry’s Contribution to the Canadian Economy,' visit cattle.ca. (opens as a PDF)