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 more than 80% of Canadian exports each year. Canada is the US' largest foreign supplier of energy, including oil, gas, uranium, and electric power.

GDP (purchasing power parity):
$1.274 trillion (2007 est.)

GDP (official exchange rate):
$1.144 trillion (2007 est.)

GDP - real growth rate:
2.5% (2007 est.)

GDP - per capita (PPP):
$38,200 (2007 est.)

GDP - composition by sector:
agriculture: 2.1%
industry: 28.8%
services: 69.1% (2007 est.)

Labor force:
17.9 million (2007 est.)

Labor force - by occupation:
agriculture 2%, manufacturing 13%, construction 6%, services 76%, other 3% (2006)

Unemployment rate:
6% (2007 est.)

Population below poverty line:
10.8%; 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 (2005)

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)

Inflation rate (consumer prices):
2.1% (2007 est.)

Investment (gross fixed):
22% of GDP (2007 est.)

Budget:
revenues: $565.8 billion
expenditures: $551.2 billion (2007 est.)

Public debt:
64% of GDP (2007 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:
1.6% (2007 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:
3.092 million bbl/day (2005)

Oil - consumption:
2.29 million bbl/day (2005)

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 est.)

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:
$28.46 billion (2007 est.)

Exports:
$440.1 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 81.6%, UK 2.3%, Japan 2.1% (2006)

Imports:
$394.4 billion f.o.b. (2007 est.)

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

Economic aid - donor:
ODA, $3.8 billion (2005)

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

Debt - external:
$758.6 billion (30 June 2007)

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 - 1.0724 (2007), 1.1334 (2006), 1.2118 (2005), 1.301 (2004), 1.4011 (2003)