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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 41,288,599 (Q3, 2024)[5]
GDP
  • Increase $2.118 trillion (nominal; 2023)[6]
  • Increase $2.379 trillion (PPP; 2023)[6]
GDP rank
GDP growth
  • Increase 3.4% (2022)[7]
  • Increase 1.5% (2023f)[7]
  • Increase 1.5% (2024f)[7]
GDP per capita
  • Decrease $53,247 (nominal; 2023)[6]
  • Increase $59,813 (PPP; 2023)[6]
GDP per capita rank
GDP by sector
Positive decrease 1.6% (12 month change – September 2024)[9]
Population below poverty line
Negative increase 9.9% (official, 2022; StatCan)[10]
Positive decrease 0.281 low (2020, StatCan)[11][12]
Labour force
  • Increase 21.34 million (2022)[15]
  • Increase 59.1% employment rate (September 2020)[16]
Unemployment
  • Decrease 6.5% (September 2024)[17]
  • Decrease 13.5% youth unemployment (September 2024; 15 to 24 year-olds) [18]
  • Positive decrease 1.2 million unemployed (December 2021)[16]
Average gross salary
C$6,809 / US$4,975 monthly[19] (2022)
C$5,065 / US$3,700 monthly[20][21] (2022)
Main industries
External
ExportsDecrease US$717.6 billion (2023)[22]
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$726.1 billion (2023)[24]
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)[25]
  • Outward: $2.096 trillion (2022)[25]
Positive decrease $1.4 billion (Q3 2021)[26]
Public finances
−1% (of GDP) (2017 est.)[8]
Revenues649.6 billion (2017 est.)[8]
Expenses665.7 billion (2017 est.)[8]
Economic aiddonor: ODA, US$7.8 billion (2022)[27]
  • AAA
  • Outlook: Stable
  • AAA
  • Outlook: Stable
  • AA+
  • Outlook: Stable
US$122.9 billion (July 2024)[31][32]
All values, unless otherwise stated, are in US dollars.


The economy of Canada is a highly developed mixed economy,[33][34][35] with the world's tenth-largest economy as of 2023, and a nominal GDP of approximately US$2.117 trillion.[6] Canada is one of the world's largest trading nations, with a highly globalized economy.[36] In 2021, Canadian trade in goods and services reached $2.016 trillion.[37] 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.[37] In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion.[37] 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.[38]

Canada has a strong cooperative banking sector, with the world's highest per-capita membership in credit unions.[39] It ranks low in the Corruption Perceptions Index (14th in 2023)[40] and "is widely regarded as among the least corrupt countries of the world".[41] It ranks high in the Global Competitiveness Report (14th in 2019)[42] and Global Innovation Indexes (15th in 2022).[43] Canada's economy ranks above most Western nations on The Heritage Foundation's Index of Economic Freedom[44] and experiences a relatively low level of income disparity.[45] The country's average household disposable income per capita is "well above" the OECD average.[46] Canada ranks among the lowest of the most developed countries for housing affordability[47][48] and foreign direct investment.[49][48] Among OECD members, Canada has a highly efficient and strong social security system; social expenditure stood at roughly 23.1% of GDP.[4][50][3]

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 spends around 1.70% of GDP on advance research and development across various sectors of the economy.[55][56]

Canada's economic integration with the United States has increased significantly since World War II.[57] The Automotive Products Trade Agreement of 1965 opened Canada's borders to trade in the automobile manufacturing industry.[58] 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).[59] The government abolished the NEP in the 1980s and changed the name of FIRA to Investment Canada to encourage foreign investment.[60] 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).[61] As of 2023, Canada is a signatory to 15 free trade agreements with 51 countries.[62]

Canada is one of the few developed nations that are net exporters of energy.[53][63] Atlantic Canada possess vast offshore deposits of natural gas,[64] and Alberta hosts the fourth-largest oil reserves in the world.[65] 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.[66] 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.[67] The country is a leading exporter of zinc, uranium, gold, nickel, platinoids, aluminum, steel, iron ore, coking coal, lead, copper, molybdenum, cobalt, and cadmium.[68][69] Canada has a sizeable manufacturing sector centred in southern Ontario and Quebec, with automobiles and aeronautics representing particularly important industries.[70] The fishing industry is also a key contributor to the economy.[71]

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

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