Economy Overview
As an affluent, high-tech industrial society, Canada today closely 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. As a result of the close cross-border relationship, the economic sluggishness in the United States in 2001-02 had a negative impact on the Canadian economy. Real growth averaged nearly 3% during 1993-2000, but declined in 2001, with moderate recovery in 2002-03. Unemployment is up, with contraction in the manufacturing and natural resource sectors. Nevertheless, given its great natural resources, skilled labor force, and modern capital plant Canada enjoys solid economic prospects. Solid fiscal management has produced a long-term budget surplus which is substantially reducing the national debt, although public debate continues over how to manage the rising cost of the publicly funded healthcare system. Trade accounts for roughly a third of GDP. Canada enjoys a substantial trade surplus with its principal trading partner, the United States, which absorbs more than 85% of Canadian exports. Roughly 90% of the population lives within 160 kilometers of the US border.
Agriculture Products
wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; forest products; fish
Industries
transportation equipment, chemicals, processed and unprocessed minerals, food products; wood and paper products; fish products, petroleum and natural gas
Industrial Production Growth Rate
0.2% (2003 est.)
Labor Force
17.04 million (2003 est.)
Electricity production
566.3 billion kWh (2001)
Electricity Consumption
504.4 billion kWh (2001)
Electricity Exports
38.4 billion kWh (2001)
Electricity Imports
16.11 billion kWh (2001)
Economic Aid - Donor
ODA, $1.3 billion (1999)
Currency
Canadian dollar (CAD)
Unemployment Rate
7.8% (2003 est.)
Population Below Poverty Line
NA
Household Income or Consumption by Percentage Share
Lowest 10%: 2.8%
Highest 10%: 23.8% (1994)
Distribution of Family Income Gini Index
31.5 (1994)
Budget
Revenues: $348.2 billion
Expenditures: $342.7 billion, including capital expenditures of NA (2003 est.)
Public Debt
77% of GDP (2003)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$1.9 billion (2000)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Canadian dollars per US dollar - 1.4011 (2003), 1.5693 (2002), 1.5488 (2001), 1.4851 (2000), 1.4857 (1999)
