Back اقتصاد كندا Arabic Economía de Canadá AST Kanada iqtisadiyyatı Azerbaijani Эканоміка Канады Byelorussian Икономика на Канада Bulgarian কানাডার অর্থনীতি Bengali/Bangla Economia del Canadà Catalan ئابووری کەنەدا CKB Ekonomika Kanady Czech Canadas økonomi Danish

Economy of Canada

Economy of Canada
Toronto, the financial centre of Canada, and one of the largest in the world
CurrencyCanadian dollar (CAD, C$)
April 1 – March 31
Trade organizations
OECD, WTO, G-20, G7, USMCA, CPTPP, APEC and others
Country group
Statistics
PopulationIncrease 40,769,890 (Q1, 2024)[3]
GDP
  • Increase $2.118 trillion (nominal; 2023)[4]
  • Increase $2.379 trillion (PPP; 2023)[4]
GDP rank
GDP growth
  • Increase 3.4% (2022)[5]
  • Increase 1.5% (2023f)[5]
  • Increase 1.5% (2024f)[5]
GDP per capita
  • Increase $53,247 (nominal; 2023)[4]
  • Increase $59,813 (PPP; 2023)[4]
GDP per capita rank
GDP by sector
Negative increase 2.8% (12 month change – February 2024)[7]
Population below poverty line
Positive decrease 6.4% (official, 2020; StatCan)[8]
Positive decrease 0.281 low (2020, StatCan)[9][10]
Labour force
  • Increase 21.34 million (2022)[13]
  • Increase 59.1% employment rate (September 2020)[14]
Unemployment
  • Positive decrease 5.7% (October 2023)[15]
  • Positive decrease 10.7% youth unemployment (May 2022; 15 to 24 year-olds)[16]
  • Positive decrease 1.2 million unemployed (December 2021)[14]
Average gross salary
C$6,809 / US$4,975 monthly[17] (2022)
C$5,065 / US$3,700 monthly[18][19] (2022)
Main industries
External
ExportsIncrease US$722.8 billion (2022)[20]
Export goods
motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum
Main export partners
ImportsIncrease US$719.3 billion (2022)[22]
Import goods
machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
Main import partners
FDI stock
  • Inward: $1.460 trillion (2022)[23]
  • Outward: $2.096 trillion (2022)[24]
Positive decrease $1.4 billion (Q3 2021)[25]
Negative increase $3.251 trillion (Q3 2021)[26]
Public finances
Positive decrease 106.6% of GDP (2022)[27]
−1% (of GDP) (2017 est.)[6]
Revenues649.6 billion (2017 est.)[6]
Expenses665.7 billion (2017 est.)[6]
Economic aiddonor: ODA, US$7.8 billion (2022)[28]
  • AAA
  • Outlook: Stable
  • AAA
  • Outlook: Stable
  • AA+
  • Outlook: Stable
US$118.2 billion (January 2024)[32][33]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Canada is a highly developed mixed economy,[34][35][36] with the world's tenth-largest economy as of 2023, and a nominal GDP of approximately US$2.117 trillion.[4] Canada is one of the world's largest trading nations, with a highly globalized economy.[37] In 2021, Canadian trade in goods and services reached $2.016 trillion.[38] Canada's exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States.[38] In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion.[38] The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.[39]

Canada has a strong cooperative banking sector, with the world's highest per-capita membership in credit unions.[40] It ranks low in the Corruption Perceptions Index (14th in 2023)[41] and "is widely regarded as among the least corrupt countries of the world".[42] It ranks high in the Global Competitiveness Report (14th in 2019)[43] and Global Innovation Indexes (15th in 2022).[44] Canada's economy ranks above most Western nations on The Heritage Foundation's Index of Economic Freedom[45] and experiences a relatively low level of income disparity.[46] The country's average household disposable income per capita is "well above" the OECD average.[47] Canada ranks among the lowest of the most developed countries for housing affordability[48][49] and foreign direct investment.[50][49]

Since the early 20th century, the growth of Canada's manufacturing, mining, and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one.[51] Like many other developed countries, the Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce.[52] Among developed countries, Canada has an unusually important primary sector, of which the forestry and petroleum industries are the most prominent components.[53] Many towns in northern Canada, where agriculture is difficult, are sustained by nearby mines or sources of timber.[54]

Canada's economic integration with the United States has increased significantly since World War II.[55] The Automotive Products Trade Agreement of 1965 opened Canada's borders to trade in the automobile manufacturing industry.[56] In the 1970s, concerns over energy self-sufficiency and foreign ownership in the manufacturing sectors prompted the federal government to enact the National Energy Program (NEP) and the Foreign Investment Review Agency (FIRA).[57] The government abolished the NEP in the 1980s and changed the name of FIRA to Investment Canada to encourage foreign investment.[58] The Canada – United States Free Trade Agreement (FTA) of 1988 eliminated tariffs between the two countries, while the North American Free Trade Agreement (NAFTA) expanded the free-trade zone to include Mexico in 1994 (later replaced by the Canada–United States–Mexico Agreement).[59] As of 2023, Canada is a signatory to 15 free trade agreements with 51 different countries.[60]

Canada is one of the few developed nations that are net exporters of energy.[53][61] Atlantic Canada possess vast offshore deposits of natural gas,[62] and Alberta hosts the fourth-largest oil reserves in the world.[63] The vast Athabasca oil sands and other oil reserves give Canada 13 percent of global oil reserves, constituting the world's third or fourth-largest.[64] Canada is additionally one of the world's largest suppliers of agricultural products; the Canadian Prairies are one of the most important global producers of wheat, canola, and other grains.[65] The country is a leading exporter of zinc, uranium, gold, nickel, platinoids, aluminum, steel, iron ore, coking coal, lead, copper, molybdenum, cobalt, and cadmium.[66][67] Canada has a sizeable manufacturing sector centred in southern Ontario and Quebec, with automobiles and aeronautics representing particularly important industries.[68] The fishing industry is also a key contributor to the economy.[69]

  1. ^ "World Economic Outlook Database, April 2019". International Monetary Fund. Retrieved September 29, 2019.
  2. ^ datahelpdesk.worldbank.org. World Bank and Lending Groups https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-gtry and Lending Groups. Retrieved September 29, 2019. {{cite web}}: Check |url= value (help); Missing or empty |title= (help)
  3. ^ "Population estimates, quarterly". statcan.gc.ca. Statistics Canada. January 21, 2024.
  4. ^ a b c d e "World Economic Outlook Database, October 2023 Edition. (Canada)". International Monetary Fund. October 10, 2023. Retrieved October 17, 2023.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
  6. ^ a b c d "Canada". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved October 8, 2019. (Archived 2019 edition.)
  7. ^ "The Daily — Consumer Price Index, February 2024". Statistics Canada. March 19, 2024. Retrieved March 19, 2024.
  8. ^ Government of Canada, Statistics Canada (March 23, 2022). "The Daily — Canadian Income Survey, 2020". www150.statcan.gc.ca. Retrieved March 24, 2022.
  9. ^ "Trudeau's Scattershot Spending Sends Child Poverty to New Lows – BNN Bloomberg". March 24, 2022.
  10. ^ "Gini coefficients of adjusted market, total and after-tax income". July 8, 2015.
  11. ^ "Human Development Report 2023/2024" (PDF). United Nations Development Programme. March 13, 2024. Archived (PDF) from the original on March 13, 2024. Retrieved April 13, 2024.
  12. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved October 8, 2022.
  13. ^ "Labor force, total - Canada". data.worldbank.org.
  14. ^ a b "Labour force characteristics, monthly, seasonally adjusted and trend-cycle, last 5 months". statcan.gc.ca. Statistics Canada. June 27, 2018. Retrieved October 10, 2020.
  15. ^ "Canada's unemployment rate dropped to lowest level on record in March to 5.3%". StatCan. November 11, 2023. Retrieved November 30, 2023.
  16. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved December 9, 2021.[permanent dead link]
  17. ^ "Home".
  18. ^ "Taxing Wages 2023: Indexation of Labour Taxation and Benefits in OECD Countries | READ online".
  19. ^ "Home".
  20. ^ "Exports of goods and services (BoP, current US$)". The World Bank. 2022. Retrieved February 3, 2024.
  21. ^ a b "Canada – WTO Statistics Database". World Trade Organization. Archived from the original on September 6, 2017. Retrieved March 1, 2017.
  22. ^ "Imports of goods and services (BoP, current US$)". The World Bank. 2022. Retrieved February 3, 2024.
  23. ^ "FDI stocks". OECD. Retrieved February 7, 2024.
  24. ^ "FDI stocks". OECD. Retrieved February 7, 2024.
  25. ^ "Canada's balance of international payments, third quarter 2021". Statcan.gc.ca. Retrieved January 20, 2021.[permanent dead link]
  26. ^ "Statistics Canada". December 9, 2021. Retrieved January 20, 2021.
  27. ^ "World Economic Outlook database: April 2023". www.imf.org. Retrieved February 3, 2024.
  28. ^ "Official development assistance (ODA)". OECD. January 10, 2023. Retrieved January 10, 2023.
  29. ^ "Sovereigns rating list". Standard & Poor's. Retrieved January 14, 2012.
  30. ^ "Moody's Affirms Canada's Aaa Rating; Maintains Stable Outlook". Moody's Investors Service. November 2, 2016. Retrieved September 23, 2017.
  31. ^ "Fitch Downgrades Canada's Ratings to 'AA+'; Outlook Stable". Retrieved June 24, 2020.
  32. ^ "Official International Reserves - January 4, 2024". www.canada.ca. January 4, 2024. Retrieved February 3, 2024.
  33. ^ "International Reserves and Foreign Currency Liquidity – CANADA". www.imf.org.
  34. ^ Hall, Peter A.; Soskice, David (2001). Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford University Press. p. 570. ISBN 9780191647703.
  35. ^ "Capitalism in Canada". The Canadian Encyclopedia. Retrieved April 24, 2022.
  36. ^ Diekmeyer, Peter (June 11, 2020). "Capitalism in Canada". The Canadian Encyclopedia.
  37. ^ "Evolution of the world's 25 top trading nations – Share of global exports of goods (%), 1978–2020". United Nations Conference on Trade and Development.
  38. ^ a b c "U.S.-Canada Trade Facts". Canada's State of Trade (20 ed.). Global Affairs Canada. 2021. ISSN 2562-8313. PDF version
  39. ^ "Monthly Reports". World Federation of Exchanges.as of November 2018
  40. ^ Kobrak, Christopher; Martin, Joe (2018). From Wall Street to Bay Street: The Origins and Evolution of American and Canadian Finance. University of Toronto Press. p. 220. ISBN 978-1-4426-1625-7.
  41. ^ "Corruption Perceptions Index (latest)". Transparency International. January 31, 2023. Retrieved January 31, 2023.
  42. ^ Rotberg, Robert I.; Carment, David (2018). Canada's Corruption at Home and Abroad. Taylor & Francis. p. 12. ISBN 978-1-351-57924-7.
  43. ^ "The Global Competitiveness Report 2019" (PDF). Retrieved October 21, 2022.
  44. ^ Dutta, Soumitra; Lanvin, Bruno; Wunsch-Vincent, Sacha; León, Lorena Rivera; World Intellectual Property Organization (2022). Global Innovation Index 2022 (15th ed.). World Intellectual Property Organization. doi:10.34667/tind.46596. ISBN 9789280534320.
  45. ^ "Index of Economic Freedom". The Heritage Foundation. 2020. Archived from the original on April 20, 2021. Retrieved May 8, 2021.
  46. ^ Shorrocks, Anthony; Davies, Jim; Lluberas, Rodrigo (October 2018). "Global Wealth Report". Credit Suisse.
  47. ^ "Canada". OECD Better Life Index. 2021. Retrieved August 5, 2022.
  48. ^ Source: Prices: Analytical house price indicators. "Prices – Housing prices – OECD Data". Data.oecd.org. Retrieved August 14, 2022.
  49. ^ a b "'Worst in the world': Here are all the rankings in which Canada is now last". nationalpost. August 11, 2022. Retrieved May 13, 2023.
  50. ^ Mintz, Jack; Bazel, Philip (2021). "View of 2020 TAX COMPETITIVENESS REPORT: CANADA'S INVESTMENT CHALLENGE". The School of Public Policy Publications. 14 (1). Journalhosting.ucalgary.ca. doi:10.11575/sppp.v14i1.72311. Retrieved August 14, 2022.
  51. ^ Harris, R. Cole; Matthews, Geoffrey J. (1987). Historical Atlas of Canada: Addressing the Twentieth Century, 1891–1961. University of Toronto Press. p. 2. ISBN 978-0-8020-3448-9. Archived from the original on March 20, 2018.
  52. ^ "Employment by Industry". Statistics Canada. January 8, 2009. Archived from the original on May 24, 2011. Retrieved May 23, 2011.
  53. ^ a b Sueyoshi, Toshiyuki; Goto, Mika (2018). Environmental Assessment on Energy and Sustainability by Data Envelopment Analysis. Wiley. p. 496. ISBN 978-1-118-97933-4.
  54. ^ Vodden, K. and Cunsolo, A. (2021): Rural and Remote Communities[permanent dead link]; Chapter 3 in Canada in a Changing Climate: National Issues Report, (ed.) F.J. Warren and N. Lulham; Government of Canada
  55. ^ Mosler, David; Catley, Bob (2013). The American Challenge: The World Resists US Liberalism. Ashgate Publishing. p. 38. ISBN 978-1-4094-9852-0.
  56. ^ Kerr, William; Perdikis, Nicholas (2014). The Economics of International Commerce. Edward Elgar Publishing. p. 96. ISBN 978-1-78347-668-8.
  57. ^ Morck, Randall; Tian, Gloria; Yeung, Bernard (2005). "Who owns whom? Economic nationalism and family controlled pyramidal groups in Canada". In Eden, Lorraine; Dobson, Wendy (eds.). Governance, Multinationals, and Growth. Edward Elgar Publishing. p. 50. ISBN 978-1-84376-909-5.
  58. ^ Hale, Geoffrey (October 2008). "The Dog That Hasn't Barked: The Political Economy of Contemporary Debates on Canadian Foreign Investment Policies". Canadian Journal of Political Science. 41 (3): 719–747. doi:10.1017/S0008423908080785. JSTOR 25166298. S2CID 154319169.
  59. ^ Krieger, Joel, ed. (2001). The Oxford Companion to Politics of the World (2nd ed.). Oxford University Press. p. 569. ISBN 978-0-19-511739-4.
  60. ^ "Expand globally with Canada's free trade agreements". GAC. December 3, 2020. Retrieved May 14, 2023.
  61. ^ Brown, Charles E (2002). World Energy Resources. Springer. pp. 323, 378–389. ISBN 978-3-540-42634-9.
  62. ^ Government of Canada, Canada Energy Regulator (January 29, 2021). "CER – Market Snapshot: 25 Years of Atlantic Canada Offshore Oil & Natural Gas Production". www.cer-rec.gc.ca.
  63. ^ Monga, Vipal (January 13, 2022). "One of the World's Dirtiest Oil Patches Is Pumping More Than Ever". WSJ. Retrieved May 13, 2023.
  64. ^ Lopez-Vallejo, Marcela (2016). Reconfiguring Global Climate Governance in North America: A Transregional Approach. Routledge. p. 82. ISBN 978-1-317-07042-9.
  65. ^ "Trade Ranking Report: Agriculture" (PDF). FCC. 2017. Archived from the original (PDF) on October 3, 2019. Retrieved May 19, 2023.
  66. ^ "Canada (CAN) Exports, Imports, and Trade Partners - The Observatory of Economic Complexity". OEC - The Observatory of Economic Complexity. Retrieved May 20, 2023.
  67. ^ "The Atlas of Economic Complexity by @HarvardGrwthLab". The Atlas of Economic Complexity. Retrieved May 20, 2023.
  68. ^ "Mapping Canada's Top Manufacturing Industries". Industry Insider. January 22, 2015.
  69. ^ "Fisheries". The Canadian Encyclopedia. March 4, 2015. Retrieved May 19, 2023.
From Wikipedia, the free encyclopedia · View on Wikipedia

Developed by Nelliwinne