This year has been marked by the fall in oil price, the depreciation of our currency, and the contraction of our economy. Activities likely to benefit from this adverse situation are exports and tourism. Is it actually the case? I will focus here on tourism.
Over the first two quarters of this year, while the economy was contacting, the number of tourists entering Canada grew. The highest growth rates observed were in April, 5.96%, and May, 7.25%. Since June Canada has returned to growth and the number of tourists visiting our country started declining. In August, after three consecutive months of growth, the number of tourists who chose Canada as destination dropped by 4.64%.
Total Number of Tourists Entering Canada, 1992:M1-2015:M8
Looking at the situation by province, the month of June was beneficial for Nova Scotia, Quebec, and Alberta which received respectively 21%, 9.5%, and 6.4% more entries. While the situation was adverse in July and August for most provinces, Ontario, Yukon, and Nunavut managed to attract more foreign visitors in July.
|Share of non-resident tourists entering Canada by province, 1992:M1-2015:M8|
Each month, Ontario receives about half of the non-resident tourists entering Canada, and British Columbia about one-quarter. This share is currently above seasonal averages in Quebec, Alberta, and British Columbia but that is not the case in the other provinces.
Along with the number of non-resident tourists entering Canada, the tourism GDP grew by .45% over the first two quarters of the year.
See data here.