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Canada:
Economy

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Economy - overview
Definition
As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent 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. Given its great natural resources, skilled labor force, and modern capital plant, Canada enjoys solid economic prospects. Top-notch fiscal management has produced consecutive balanced budgets since 1997, although public debate continues over the equitable distribution of federal funds to the Canadian provinces. Exports account for roughly a third of GDP. Canada enjoys a substantial trade surplus with its principal trading partner, the US, which absorbs 80% of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. During 2007, Canada enjoyed good economic growth, moderate inflation, and the lowest unemployment rate in more than three decades.
GDP (purchasing power parity)
Definition - World rank and map
$1.266 trillion (2007 est.)
GDP (official exchange rate)
Definition
$1.432 trillion (2007 est.)
GDP - real growth rate
Definition - World rank and map
2.7% (2007 est.)
GDP - per capita
Definition - World rank and map
$38,400 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.1%
industry: 28.8%
services: 69.1% (2007 est.)
Labor force
Definition
17.95 million (2007 est.)
Labor force - by occupation
Definition
agriculture 2%, manufacturing 13%, construction 6%, services 76%, other 3% (2006)
Unemployment rate
Definition - World rank and map
6% (2007 est.)
Population below poverty line
Definition
10.8%; 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 (2005)
Household income or consumption by percentage share
Definition
lowest 10%: 2.6%
highest 10%: 24.8% (2000)
Distribution of family income - Gini index
Definition - World rank and map
32.1 (2005)
Inflation rate (consumer prices)
Definition - World rank and map
2.1% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
22.8% of GDP (2007 est.)
Budget
Definition
revenues: $569.3 billion
expenditures: $555.2 billion (2007 est.)
Public debt
Definition - World rank and map
68.5% of GDP (2007 est.)
Agriculture - products
Definition
wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; forest products; fish
Industries
Definition
transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum and natural gas
Industrial production growth rate
Definition - World rank and map
0.3% (2007 est.)
Electricity - production
Definition - World rank and map
609.6 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
540.2 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
16,264.9 kWh (2005)
Electricity - exports
Definition
42.93 billion kWh (2005)
Electricity - imports
Definition
19.33 billion kWh (2005)
Oil - production
Definition - World rank and map
3.092 million bbl/day (2005)
Oil - consumption
Definition - World rank and map
2.29 million bbl/day (2005)
Oil - consumption per 1,000 people
Definition - World rank and map
68.9 bbl/day (2005)
Oil - exports
Definition - World rank and map
2.274 million bbl/day (2004)
Oil - imports
Definition - World rank and map
1.185 million bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
178.8 billion bbl
note: includes oil sands (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
178.2 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
92.76 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
2,793 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
101.9 billion cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
9.403 billion cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
1.537 trillion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$13.26 billion (2007 est.)
Exports
Definition - World rank and map
$433.1 billion f.o.b. (2007 est.)
Exports - commodities
Definition
motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum
Exports - partners
Definition
US 79%, UK 2.8%, China 2.1% (2006)
Imports
Definition - World rank and map
$386.9 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
Imports - partners
Definition
US 55.1%, China 9.4%, Mexico 4.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$39.31 billion (2007 est.)
Debt - external
Definition - World rank and map
$758.6 billion (30 June 2007)
Stock of direct foreign investment - at home
Definition
$527.4 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$514.7 billion (2007 est.)
Market value of publicly traded shares
Definition
$1.481 trillion (2005)
Economic aid - donor
Definition
ODA, $3.9 billion (2007)
Currency (code)
Definition
Canadian dollar (CAD)
Exchange rates
Definition
Canadian dollars per US dollar - 1.0724 (2007), 1.1334 (2006), 1.2118 (2005), 1.301 (2004), 1.4011 (2003)
Fiscal year
Definition
1 April - 31 March


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