Canada



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Canada Economy 2008


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.
GDP (purchasing power parity): $1.271 trillion (2007 est.)
GDP (official exchange rate): $1.432 trillion (2007 est.)
GDP - real growth rate: 2.7% (2007 est.)
GDP - per capita (PPP): $38,600 (2007 est.)
GDP - composition by sector: agriculture: 2.1% industry: 28.8% services: 69.1% (2007 est.)
Labor force: 17.95 million (2007 est.)
Labor force - by occupation: agriculture 2%, manufacturing 13%, construction 6%, services 76%, other 3% (2006)
Unemployment rate: 6% (2007 est.)
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)
Investment (gross fixed): 22.6% of GDP (2007 est.)
Budget: revenues: $569.3 billion expenditures: $556.2 billion (2007 est.)
Public debt: 64.2% of GDP (2007 est.)
Inflation rate (consumer prices): 2.1% (2007 est.)
Central bank discount rate: 4.5% (31 December 2007)
Commercial bank prime lending rate: 6.1% (31 December 2007)
Stock of money: $391.6 billion (31 December 2007)
Stock of quasi money: $1.381 trillion (31 December 2007)
Stock of domestic credit: $2.382 trillion (31 December 2007)
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.)
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.)
Oil - production: 3.425 million bbl/day (2007 est.)
Oil - consumption: 2.371 million bbl/day (2007 est.)
Oil - exports: 2.225 million bbl/day (2005)
Oil - imports: 1.229 million bbl/day (2005)
Oil - proved reserves: 178.6 billion bbl note: includes oil sands (1 January 2008 est.)
Natural gas - production: 187 billion cu m (2007 est.)
Natural gas - consumption: 92.9 billion cu m (2007 est.)
Natural gas - exports: 107.3 billion cu m (2007 est.)
Natural gas - imports: 13.2 billion cu m (2007 est.)
Natural gas - proved reserves: 1.648 trillion cu m (1 January 2008 est.)
Current account balance: $12.67 billion (2007 est.)
Exports: $431.1 billion f.o.b. (2007 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 78.9%, UK 2.8%, China 2.1% (2007)
Imports: $386.4 billion f.o.b. (2007 est.)
Imports - commodities: machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
Imports - partners: US 54.1%, China 9.4%, Mexico 4.2% (2007)
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.)
Market value of publicly traded shares: $1.481 trillion (2005)
Currency (code): Canadian dollar (CAD)
Exchange rates: Canadian dollars (CAD) per US dollar - 1.0724 (2007), 1.1334 (2006), 1.2118 (2005), 1.301 (2004), 1.4011 (2003)

NOTE: The economy information regarding Canada on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Canada Economy 2008 information contained here. All suggestions for corrections of any errors about Canada Economy 2008 should be addressed to the CIA.