Canada Economy 2007

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 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 US, which absorbs about 85% of Canadian exports. Canada is the US' largest foreign supplier of energy, including oil, gas, uranium, and electric power.

GDP (purchasing power parity):
$1.181 trillion (2006 est.)

GDP (official exchange rate):
$1.089 trillion (2006 est.)

GDP - real growth rate:
2.8% (2006 est.)

GDP - per capita (PPP):
$35,700 (2006 est.)

GDP - composition by sector:
agriculture: 2.1%
industry: 29%
services: 68.9% (2006 est.)

Labor force:
17.59 million (2006 est.)

Labor force - by occupation:
agriculture 2%, manufacturing 14%, construction 5%, services 75%, other 3% (2004)

Unemployment rate:
6.4% (2006 est.)

Population below poverty line:
15.9%; note - this figure is the Low Income Cut-Off (LICO), a calculation that results in higher figures than found in many comparable economies; Canada does not have an official poverty line (2003)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 24.8% (2000)

Distribution of family income - Gini index:
32.6 (2000)

Inflation rate (consumer prices):
2% (2006 est.)

Investment (gross fixed):
22% of GDP (2006 est.)

Budget:
revenues: $510.6 billion
expenditures: $501 billion (2006 est.)

Public debt:
67.7% of GDP (2006 est.)

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:
0.7% (2006 est.)

Electricity - production:
609.6 billion kWh (2005)

Electricity - consumption:
540.2 billion kWh (2005)

Electricity - exports:
42.93 billion kWh (2005)

Electricity - imports:
19.33 billion kWh (2005)

Oil - production:
3.135 million bbl/day (2004)

Oil - consumption:
2.294 million bbl/day (2004)

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

Oil - imports:
1.185 million bbl/day (2004)

Oil - proved reserves:
178.8 billion bbl
note: includes oil sands (1 January 2006)

Natural gas - production:
178.2 billion cu m (2005 est.)

Natural gas - consumption:
92.76 billion cu m (2005 est.)

Natural gas - exports:
101.9 billion cu m (2005 est.)

Natural gas - imports:
9.403 billion cu m (2005)

Natural gas - proved reserves:
1.537 trillion cu m (1 January 2006 est.)

Current account balance:
$20.79 billion (2006 est.)

Exports:
$401.7 billion f.o.b. (2006 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 81.6%, UK 2.3%, Japan 2.1% (2006)

Imports:
$356.5 billion f.o.b. (2006 est.)

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

Imports - partners:
US 54.9%, China 8.7%, Mexico 4% (2006)

Economic aid - donor:
ODA, $2.6 billion (2004)

Reserves of foreign exchange and gold:
$35.06 billion (2006 est.)

Debt - external:
$684.7 billion (30 June 2006)

Stock of direct foreign investment - at home:
$398.4 billion (2006 est.)

Stock of direct foreign investment - abroad:
$458.1 billion (2006 est.)

Market value of publicly traded shares:
$1.481 trillion (2005)

Currency (code):
Canadian dollar (CAD)

Exchange rates:
Canadian dollars per US dollar - 1.1334 (2006), 1.2118 (2005), 1.301 (2004), 1.4011 (2003), 1.5693 (2002)