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Economy overview
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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. Two shadows loom, the first being the continuing constitutional impasse between English- and French-speaking areas, which has been raising the specter of a split in the federation. Another long-term concern is the flow south to the US of professionals lured by higher pay, lower taxes, and the immense high-tech infrastructure. A key strength in the economy is the substantial trade surplus. Roughly 90% of the population lives within 160 kilometers of the US border.
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GDP
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purchasing power parity - $958.7 billion (2004 est.)
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GDP - real growth rate
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1.7% (2004 est.)
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GDP - per capita
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purchasing power parity - $29,800 (2004 est.)
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GDP - composition by sector
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agriculture: 2.2%
industry: 29.2%
services: 68.6% (2004 est.)
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Investment gross fixed
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19.5% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: 2.8%
highest 10%: 23.8% (1994)
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Distribution of family income - Gini index
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31.5 (1994)
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Inflation rate consumer prices
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2.8% (2004 est.)
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Labor force
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17.04 million (2004 est.)
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Labor force by occupation
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agriculture 3%, manufacturing 15%, construction 5%, services 74%, other 3% (2000)
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Unemployment rate
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7.8% (2004 est.)
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Budget
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revenues: $348.2 billion
expenditures: $342.7 billion, including capital expenditures of NA (2004 est.)
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Public debt
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77% of GDP (2004 est.)
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Agriculture products
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wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; forest products; fish
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Industries
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transportation equipment, chemicals, processed and unprocessed minerals, food products; wood and paper products; fish products, petroleum and natural gas
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Industrial production growth rate
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0.2% (2004 est.)
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Electricity production
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566.3 billion kWh (2001)
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Electricity production by source
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fossil fuel: 28%
hydro: 57.9%
other: 1.3% (2001)
nuclear: 12.9%
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Electricity consumption
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504.4 billion kWh (2001)
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Electricity exports
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38.4 billion kWh (2001)
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Electricity imports
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16.11 billion kWh (2001)
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Oil production
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2.738 million bbl/day (2004 est.)
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Oil consumption
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1.703 million bbl/day (2001 est.)
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Oil exports
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2.008 million bbl/day (2001)
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Oil imports
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1.145 million bbl/day (2001)
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Oil proved reserves
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5.112 billion bbl (1 January 2002)
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Natural gas production
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186.8 billion cu m (2001 est.)
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Natural gas consumption
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82.25 billion cu m (2001 est.)
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Natural gas exports
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109 billion cu m (2001 est.)
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Natural gas imports
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4.46 billion cu m (2001 est.)
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Natural gas proved reserves
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1.691 trillion cu m (1 January 2002)
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Current account balance
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$18.63 billion (2004 est.)
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Exports
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$279.3 billion f.o.b. (2004 est.)
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Exports commodities
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motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum
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Exports partners
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US 86.6%, Japan 2.1%, UK 1.4% (2003)
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Imports
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$240.4 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
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Imports partners
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US 60.6%, China 5.6%, Japan 4.1% (2003)
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Reserves of foreign exchange gold
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$36.27 billion (2003)
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Debt external
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$1.9 billion (2000)
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Economic aid recipient
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Currency
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Canadian dollar (CAD)
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Currency code
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CAD
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Exchange rates
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Canadian dollars per US dollar - 1.4011 (2003), 1.5693 (2002), 1.5488 (2001), 1.4851 (2000), 1.4857 (1999)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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