Economy Overview
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.
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
0.3% (2007 est.)
Labor Force
17.95 million (2007 est.)
Electricity production
612.6 billion kWh (2007 est.)
Electricity Consumption
530 billion kWh (2006 est.)
Electricity Exports
50.12 billion kWh (2007 est.)
Electricity Imports
19.66 billion kWh (2007 est.)
Unemployment Rate
6% (2007 est.)
Population Below Poverty Line
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)
Budget
Revenues: $569.3 billion
Expenditures: $556.2 billion (2007 est.)
Public Debt
64.2% of GDP (2007 est.)
Central Bank Discount Rate
4.5% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$2.382 trillion (31 December 2007)
Market Value of Publicly Traded Shares
$1.481 trillion (2005)
Reserves of Foreign Exchange and Gold
$41.08 billion (2007 est.)
Debt External
$758.6 billion (30 June 2007)
Stock of Direct Foreign Investment at Home
$527.4 billion (2007 est.)
Stock of Direct Foreign Investment Abroad
$514.7 billion (2007 est.)
Exchange Rates
Canadian dollars (CAD) per US dollar - 1.0724 (2007), 1.1334 (2006), 1.2118 (2005), 1.301 (2004), 1.4011 (2003)
