Canada's Economy | Canadian Economy

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.

GDP: 1.1% (2003)

GDP - real growth rate: 2.4% (2004 est.)

GDP - per capita: purchasing power parity - $31,500 (2004 est.)

GDP - composition by sector: agriculture: 2.3% industry: 26.4% services: 71.3% (2004 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)

Inflation rate (consumer prices):

Labor force: 17.37 million (2004)

Labor force - by occupation: agriculture 3%, manufacturing 15%, construction 5%, services 74%, other 3% (2000)

Unemployment rate: 7% (2004)

Budget: revenues: $151 billion expenditures: $144 billion, including capital expenditures of NA (2004 est.)

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.)

Electricity - production: 548.9 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 487.3 billion kWh (2002)

Electricity - exports: 36.13 billion kWh (2002)

Electricity - imports: 13 billion kWh (2002)

Oil - production: 3.11 million bbl/day (2004 est.)

Oil - consumption: 2.2 million bbl/day (2003 est.)

Oil - exports: 1.37 million bbl/day (2004)

Oil - imports: 987,000 bbl/day (2004)

Oil - proved reserves: 178.9 billion bbl including shale oil (2004 est.)

Natural gas - production: 165.8 billion cu m (2003 est.)

Natural gas - consumption: 55.8 billion cu m (2003 est.)

Natural gas - exports: 91.52 billion cu m (2003 est.)

Natural gas - imports: 8.73 billion cu m (2003 est.)

Natural gas - proved reserves: 1.691 trillion cu m (2004)

Agriculture - products: wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; forest products; fish

Exports: $315.6 billion f.o.b. (2004 est.)

Exports - commodities: motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum

Exports - partners: US 85.2%, Japan 2.1%, UK 1.6% (2004)

Imports: $256.1 billion f.o.b. (2004 est.)

Imports - commodities: machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods

Imports - partners: US 58.9%, China 6.8%, Mexico 3.8% (2004)

Debt - external: $570 billion (2004)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Canadian dollars per US dollar - 1.301 (2004), 1.4011 (2003), 1.5693 (2002), 1.5488 (2001), 1.4851 (2000)

Fiscal year: 1 April - 31 March



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