Economy Overview
As an affluent, high-tech industrial society, newly entered in the trillion dollar class, Canada closely 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. 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. Exports account 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.
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
2% (2004 est.)
Labor Force
17.37 million (2004)
Electricity production
548.9 billion kWh (2002)
Electricity Consumption
487.3 billion kWh (2002)
Electricity Exports
36.13 billion kWh (2002)
Electricity Imports
13 billion kWh (2002)
Economic Aid - Donor
ODA, $2 billion (2004)
Unemployment Rate
7% (2004)
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: $151 billion
Expenditures: $144 billion, including capital expenditures of NA (2004 est.)
Public Debt
NA (2004 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$36.27 billion (2003)
Debt External
$570 billion (2004)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Canadian dollars per US dollar - 1.301 (2004), 1.4011 (2003), 1.5693 (2002), 1.5488 (2001), 1.4851 (2000)
