Economy

More about Canadian Economy

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 and aircraft industries especially important. With a long coastal line, Canada has the world’s 8th largest commercial fishing and seafood industry. The economy of Canada is one of the global leaders in the Entertainment Software Industry.

Canada has one of the highest levels of economic freedom globally.
Canada closely resembles the U.S.’s market-oriented economic system and production pattern.
Machinery, equipment, automotive products, and other manufacturers account for a bigger portion of Canada’s exports.
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 among the world’s highest per capita energy consumers.

Canada has the 10th-largest GDP in the world, fueled by its natural resources, sizable manufacturing base, and vibrant seafood industry.

Key Stats for the Canadian economy in 2024