The Economy Of Canada. A brief sketch of the of Canada's economy

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The Economy Of Canada. A brief sketch of the of Canada's economy

As a high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US, its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian merchandise exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, and electric power, and a top source of US uranium imports. Given its abundant natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the early intervention by the Bank of Canada and the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-14 and plans to balance the budget by 2015 despite the recent drop in oil prices. In addition, the country's petroleum sector is rapidly expanding, because Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada now ranks third in the world in proved oil reserves behind Saudi Arabia and Venezuela and is the world’s fifth-largest oil producer.

GDP (purchasing power parity):

$1.579 trillion (2014 est.)

$1.544 trillion (2013 est.)

$1.513 trillion (2012 est.)

note: data are in 2014 US dollars

country comparison to the world: 16

GDP (official exchange rate):

$1.794 trillion (2014 est.)

GDP - real growth rate:

2.3% (2014 est.)

2% (2013 est.)

1.7% (2012 est.)

country comparison to the world: 137

GDP - per capita (PPP):

$44,500 (2014 est.)

$44,000 (2013 est.)

$43,600 (2012 est.)

note: data are in 2013 US dollars

country comparison to the world: 29

Gross national saving:

21.2% of GDP (2014 est.)

21.1% of GDP (2013 est.)

21.2% of GDP (2012 est.)

country comparison to the world: 71

GDP - composition, by end use:

household consumption: 56.2%

government consumption: 21.4%

investment in fixed capital: 24.1%

investment in inventories: 0.3%

exports of goods and services: 30.9%

imports of goods and services: -33%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 1.7%

industry: 28.2%

services: 70.1% (2014 est.)

Agriculture - products:

wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; fish; forest products

Industries:

transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum, natural gas

Industrial production growth rate:

2% (2014 est.)

country comparison to the world: 132

Labor force:

19.21 million (2014 est.)

country comparison to the world: 32

Labor force - by occupation:

agriculture: 2%

manufacturing: 13%

construction: 6%

services: 76%

other: 3% (2006 est.)

Unemployment rate:

6.9% (2014 est.)

7.1% (2013 est.)

country comparison to the world: 72

Population below poverty line:

9.4%

note: this figure is the Low Income Cut-Off (LICO), a calculation that results in higher figures than found in many comparable economies; Canada does not have an official poverty line (2008)

Household income or consumption by percentage share:

lowest 10%: 2.6%

highest 10%: 24.8% (2000)

Distribution of family income - Gini index:

32.1 (2005)

31.5 (1994)

country comparison to the world: 108

Budget:

revenues: $675.1 billion

expenditures: $717.1 billion (2014 est.)

Taxes and other revenues:

37.6% of GDP (2014 est.)

country comparison to the world: 50

Budget surplus (+) or deficit (-):

-2.3% of GDP (2014 est.)

country comparison to the world: 90

Public debt:

92.6% of GDP (2014 est.)

93.5% of GDP (2013 est.)

note: figures are for gross general government debt, as opposed to net federal debt; gross general government debt includes both intragovernmental debt and the debt of public entities at the sub-national level

country comparison to the world: 20

Fiscal year:

1 April - 31 March

Inflation rate (consumer prices):

2% (2014 est.)

1% (2013 est.)

Central bank discount rate:

1% (31 December 2010)

0.25% (31 December 2009)

country comparison to the world: 125

Commercial bank prime lending rate:

3% (31 December 2014 est.)

3% (31 December 2013 est.)

country comparison to the world: 173

Stock of narrow money:

$661.5 billion (31 December 2014 est.)

$638.5 billion (31 December 2013 est.)

country comparison to the world: 9

Stock of broad money:

$1.486 trillion (31 December 2014 est.)

$1.47 trillion (31 December 2013 est.)

country comparison to the world: 13

Stock of domestic credit:

$3.031 trillion (31 December 2014 est.)

$3.044 trillion (31 December 2013 est.)

country comparison to the world: 9

Market value of publicly traded shares:

$2.016 trillion (31 December 2012 est.)

$1.907 trillion (31 December 2011)

$2.16 trillion (31 December 2010 est.)

country comparison to the world: 7

Current account balance:

-$50.8 billion (2014 est.)

-$58.54 billion (2013 est.)

country comparison to the world: 190

Exports:

$465.1 billion (2014 est.)

$465.5 billion (2013 est.)

country comparison to the world: 13

Exports - commodities:

motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum

Exports - partners:

US 75.8%, China 4.3% (2013)

Imports:

$482.1 billion (2014 est.)

$472.6 billion (2013 est.)

country comparison to the world: 12

Imports - commodities:

machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods

Imports - partners:

US 52.1%, China 11.1%, Mexico 5.6% (2013)

Reserves of foreign exchange and gold:

$71.94 billion (31 December 2013 est.)

$71.94 billion (31 December 2013 est.)

country comparison to the world: 33

Debt - external:

$1.331 trillion (31 December 2012 est.)

$1.191 trillion (31 December 2011 est.)

country comparison to the world: 15

Stock of direct foreign investment - at home:

$1.065 trillion (31 December 2014 est.)

$993.2 billion (31 December 2013 est.)

country comparison to the world: 9

Stock of direct foreign investment - abroad:

$1.211 trillion (31 December 2014 est.)

$1.153 trillion (31 December 2013 est.)

country comparison to the world: 8

Exchange rates:

Canadian dollars (CAD) per US dollar -

1.099 (2014 est.)

1.0298 (2013 est.)

1 (2012 est.)

0.9895 (2011 est.)

1.0302 (2010 est.)