Canada has the tenth-largest economy in the world (measured in US dollars at market exchange rates), is one of the world’s wealthiest nations, and is a member of the Organization for Economic Co-operation and Development (OECD) and Group of Eight (G8). As with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians.
Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada’s most important. Canada also has a sizable manufacturing sector, centered in Central Canada, with the automobile industry and aircraft industry especially important. With a long coastal line, Canada has the 8th largest commercial fishing and seafood industry in the world. The economy of Canada is one of the global leaders of the Entertainment Software Industry.
- Canada has one of the highest levels of economic freedom in the world.
- Canada closely resembles the U.S. in its market-oriented economic system and pattern of production.
- Machinery, equipment, automotive products and other manufactures accounts for a bigger portion of exports Canada does.
- Canada has considerable natural resources spread across its varied regions.
- As of 2020, it is reported that Canada’s Gross Domestic Product (GDP) was 43,872.628 USD.
- The service sector in Canada is vast and multifaceted, employing about three quarters of Canadians and accounting for 78% of GDP.
- Canada is also one of the world’s highest per capita consumers of energy.
Canada is the 9th-largest GDP in the world and is fueled by its natural resources, sizable manufacturing base and vibrant seafood industry.
Three Key Stats for the Canadian economy in 2021
- 4% Expected Canadian growth
- 2% Expected International Economic Growth
- 3% to 3.5% Expected Growth in U.S.
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