July 14th, 2024

Profits, markups rose as competition weakened over 20 years: Competition Bureau

By The Canadian Press on October 19, 2023.

Commissioner of Competition Matthew Boswell speaks at Canada's Competition Summit hosted by the Competition Bureau Canada in Ottawa on Thursday, Oct. 5, 2023. The Competition Bureau says profits and markups have increased over the last two decades as the state of competition has deteriorated in the country. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – The Competition Bureau says profits and markups have increased over the last two decades as the state of competition in Canada has deteriorated.

The bureau published a report today analyzing how competition evolved across industries between 2000 and 2020.

It finds that the most concentrated industries got even more concentrated over time, while more industries came to be considered highly concentrated.

Large firms are facing fewer challenges from smaller competitors, and fewer new companies are finding a foothold.

The bureau also analyzed profits and markups, and says both have increased over the last two decades.

Commissioner Matthew Boswell says the report highlights the need to modernize Canada’s competition law and for governments to adopt pro-competitive policies.

This report by The Canadian Press was first published Oct. 19, 2023.

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