Business

Religion adds $67.5bn to Canadian economy every year

New research suggests religion produces measurable economic contributions to the common good and economy of Canada.

It was conducted for Cardus by the veteran father-daughter research team, Brian J. Grim, Ph.D., and Melissa E. Grim, JD, of the Religious Freedom & Business Foundation.

The study provides the first documented quantitative national estimates of the economic value of religion to Canadian society.

Amid pandemic-related job loss and economic worries, new research suggests there is a sector of Canadian society that plays an important, but often unrecognized economic role: religion.

The Hidden Economy: How Faith Helps Fuel Canada’s GDP, a new report from think tank Cardus finds that religion’s annual contribution to Canadian society is worth an estimated $67.5 billion.

That is large enough to be the ninth biggest enterprise in the country ahead of the Bank of Montreal.

The $67.5 billion figure is the mid-range estimate in The Hidden Economy: How Faith Helps Fuel Canada’s GDP.

More than half of the $67.5 billion figure comes from the activities of tens of thousands of religious congregations (churches, temples, mosques, and synagogues) in Canada.

Nationwide, they have a $35-billion “halo effect” – the value congregations provide to their surrounding communities.

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