Every other week, we release 5 Minutes for Business, a publication written by Hendrik Brakel, our Senior Director of Economic, Financial and Tax Policy. In these publications, Hendrik briefly describes current issues that affect the Canadian economy and provides insight on what it will mean for Canadians today and the future. In this week’s edition, he looks beyond the human impact of the Alberta wildfires and evaluates the impact they will have on the Canadian economy.
If there was any doubt about the importance of the oil and gas industry to Canada’s national economy, it can now be laid to rest. When eight major oil companies, including Syncrude and Suncor, suspended operations because of the fires, the loss to the oil industry was roughly $63 million a day. Next, we need to take into account the other businesses affected, such as oil company suppliers. The insurance payouts and the cost of reconstruction will all be factors as well.
So how bad is it? What effect will this have on the GDP?
Read 5 Minutes for Business to find out.
You can also read the speech delivered by Canadian Chamber President and CEO, the Hon. Perrin Beatty, during the Alberta Chambers of Commerce AGM last week.
UPDATE: The Alberta Chambers of Commerce Relief Fund is now up to $60,000. These monies will assist the Fort McMurray Chamber and business community in getting back to business. If you have not yet donated, you can find out how to do so here.
For more information, please contact Hendrik Brakel.