At PwC, we focus on building sustainable economic growth for the benefit of our clients, suppliers, partners, staff and ultimately the communities where we live, work and serve.
More specifically, the direct spending related to PwC Canada’s day-to-day business activities generate important economic benefits to our communities, provinces and the broader Canadian economy. This direct spending in turn produces indirect spending by suppliers, thereby generating additional impacts to the economy. These spill-over activities also contribute to the national economy. Some of these economic benefits include:
Estimated economic impacts to the Canadian economy
Estimates of the total direct and indirect economic impacts of PwC’s business activities presented in Table 3 are based on PwC operating expenditures in Canada for FY2013. Our FY2012 results and impacts have also been included and presented for comparative purposes.
The total operating expenditures in FY2013 in relation to PwC’s business activities generated an estimated $1.3 billion of direct and indirect spending in the Canadian economy. Netting out purchases from these operating expenditures to identify a measure of “value added” we estimate these operating expenditures have generated an estimated $1.1 billion to Canadian GDP. Over the FY2013 period, total economic contributions represented approximately 0.07% of the national GDP and 1.3% of the professional, scientific and technical services industry. PwC supported an estimated $852 million in total direct and indirect wages and salaries in Canada. Government tax contributions generated from economic activity was an estimated $187 million which contributes to providing public services to Canadians. In terms of employment, operating expenditures result in the support of 9,971 full time equivalent jobs across Canada and PwC employed 5,419 of these jobs. As a result of purchasing from Canadian suppliers, PwC has supported an additional 4,552 full time equivalent jobs in other industries.
It should be noted that this section has focussed on the contributions PwC makes to the Canadian economy through its direct operational spending. From another perspective PwC contributes to Canada’s economic performance by strengthening the economic and financial performance of its clients through its tax, audit and consulting work. These contributions can be significant, but measuring from this perspective is more difficult.