machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
Main import partners
United States (+) 52.2%
China (−) 12.1%
European Union (+) 11.4%
Mexico (+) 6.2%
Japan (+) 3%
Other 15.1%[21]
FDI stock
Inward: $1.460 trillion (2022)[23]
Outward: $2.096 trillion (2022)[24]
Current account
$1.4 billion (Q3 2021)[25]
Gross external debt
$3.251 trillion (Q3 2021)[26]
Public finances
Government debt
106.6% of GDP (2022)[27]
Budget balance
−1% (of GDP) (2017 est.)[6]
Revenues
649.6 billion (2017 est.)[6]
Expenses
665.7 billion (2017 est.)[6]
Economic aid
donor: ODA, US$7.8 billion (2022)[28]
Credit rating
Standard & Poor's:[29]
AAA
Outlook: Stable
Moody's:[30]
AAA
Outlook: Stable
Fitch:[31]
AA+
Outlook: Stable
Foreign reserves
US$118.2 billion (January 2024)[32][33]
Main data source:CIA World Fact Book All values, unless otherwise stated, are in US dollars.
The economy of Canada is a highly developed mixed economy,[34][35][36] with the world's tenth-largest economy as of 2023[update], and a nominal GDP of approximately US$2.117 trillion.[4] Canada is one of the world's largest trading nations, with a highly globalized economy.[37] In 2021, Canadian trade in goods and services reached $2.016 trillion.[38] Canada's exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States.[38] In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion.[38] The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.[39]
Canada has a strong cooperative banking sector, with the world's highest per-capita membership in credit unions.[40] It ranks low in the Corruption Perceptions Index (14th in 2023)[41] and "is widely regarded as among the least corrupt countries of the world".[42] It ranks high in the Global Competitiveness Report (14th in 2019)[43] and Global Innovation Indexes (15th in 2022).[44] Canada's economy ranks above most Western nations on The Heritage Foundation's Index of Economic Freedom[45] and experiences a relatively low level of income disparity.[46] The country's average household disposable income per capita is "well above" the OECD average.[47] Canada ranks among the lowest of the most developed countries for housing affordability[48][49] and foreign direct investment.[50][49] Among OECD members, Canada has a highly efficient and strong social security system; social expenditure stood at roughly 23.1% of GDP.[51][52][53]
Since the early 20th century, the growth of Canada's manufacturing, mining, and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one.[54] Like many other developed countries, the Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce.[55] Among developed countries, Canada has an unusually important primary sector, of which the forestry and petroleum industries are the most prominent components.[56] Many towns in northern Canada, where agriculture is difficult, are sustained by nearby mines or sources of timber.[57] Canada spends around 1.70% of GDP on advance research and development across various sectors of the economy.[58][59]
Canada's economic integration with the United States has increased significantly since World War II.[60] The Automotive Products Trade Agreement of 1965 opened Canada's borders to trade in the automobile manufacturing industry.[61] In the 1970s, concerns over energy self-sufficiency and foreign ownership in the manufacturing sectors prompted the federal government to enact the National Energy Program (NEP) and the Foreign Investment Review Agency (FIRA).[62] The government abolished the NEP in the 1980s and changed the name of FIRA to Investment Canada to encourage foreign investment.[63] The Canada – United States Free Trade Agreement (FTA) of 1988 eliminated tariffs between the two countries, while the North American Free Trade Agreement (NAFTA) expanded the free-trade zone to include Mexico in 1994 (later replaced by the Canada–United States–Mexico Agreement).[64] As of 2023, Canada is a signatory to 15 free trade agreements with 51 different countries.[65]
Canada is one of the few developed nations that are net exporters of energy.[56][66] Atlantic Canada possess vast offshore deposits of natural gas,[67] and Alberta hosts the fourth-largest oil reserves in the world.[68] The vast Athabasca oil sands and other oil reserves give Canada 13 percent of global oil reserves, constituting the world's third or fourth-largest.[69] Canada is additionally one of the world's largest suppliers of agricultural products; the Canadian Prairies are one of the most important global producers of wheat, canola, and other grains.[70] The country is a leading exporter of zinc, uranium, gold, nickel, platinoids, aluminum, steel, iron ore, coking coal, lead, copper, molybdenum, cobalt, and cadmium.[71][72] Canada has a sizeable manufacturing sector centred in southern Ontario and Quebec, with automobiles and aeronautics representing particularly important industries.[73] The fishing industry is also a key contributor to the economy.[74]
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