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Canada Economy
Economy - overview:
As an affluent, high-tech industrial society, Canada today closely resembles the US in its market-oriented economic system, pattern of production, and high 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. As a result of the close cross-border relationship, the economic sluggishness in the United States in 2001-02 had a negative impact on the Canadian economy. Real growth averaged nearly 3% during 1993-2000, but declined in 2001, with moderate recovery in 2002-03. Unemployment is up, with contraction in the manufacturing and natural resource sectors. Nevertheless, given its great natural resources, skilled labor force, and modern capital plant Canada enjoys solid economic prospects. Two shadows loom, the first being the continuing constitutional impasse between English- and French-speaking areas, which has been raising the specter of a split in the federation. Another long-term concern is the flow south to the US of professionals lured by higher pay, lower taxes, and the immense high-tech infrastructure. A key strength in the economy is the substantial trade surplus. Roughly 90% of the population lives within 160 kilometers of the US border.
GDP:
purchasing power parity - $958.7 billion (2003 est.)
GDP - real growth rate:
1.7% (2003 est.)
GDP - per capita:
purchasing power parity - $29,800 (2003 est.)
GDP - composition by sector:
agriculture: 2.2%
industry: 29.2%
services: 68.6% (2003 est.)
Investment (gross fixed):
19.5% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 23.8% (1994)
Distribution of family income - Gini index:
31.5 (1994)
Inflation rate (consumer prices):
2.8% (2003 est.)
Labor force:
17.04 million (2003 est.)
Labor force - by occupation:
agriculture 3%, manufacturing 15%, construction 5%, services 74%, other 3% (2000)
Unemployment rate:
7.8% (2003 est.)
Budget:
revenues: $348.2 billion
expenditures: $342.7 billion, including capital expenditures of NA (2003 est.)
Public debt:
77% of GDP (2003)
Industries:
transportation equipment, chemicals, processed and unprocessed minerals, food products; wood and paper products; fish products, petroleum and natural gas
Industrial production growth rate:
0.2% (2003 est.)
Electricity - production:
566.3 billion kWh (2001)
Electricity - production by source:
fossil fuel: 28%
hydro: 57.9%
other: 1.3% (2001)
nuclear: 12.9%
Electricity - consumption:
504.4 billion kWh (2001)
Electricity - exports:
38.4 billion kWh (2001)
Electricity - imports:
16.11 billion kWh (2001)
Oil - production:
2.738 million bbl/day (2001 est.)
Oil - consumption:
1.703 million bbl/day (2001 est.)
Oil - exports:
2.008 million bbl/day (2001)
Oil - imports:
1.145 million bbl/day (2001)
Oil - proved reserves:
5.112 billion bbl (1 January 2002)
Natural gas - production:
186.8 billion cu m (2001 est.)
Natural gas - consumption:
82.25 billion cu m (2001 est.)
Natural gas - exports:
109 billion cu m (2001 est.)
Natural gas - imports:
4.46 billion cu m (2001 est.)
Natural gas - proved reserves:
1.691 trillion cu m (1 January 2002)
Agriculture - products:
wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; forest products; fish
Current account balance:
$18.63 billion (2003)
Exports:
$279.3 billion f.o.b. (2003 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 86.6%, Japan 2.1%, UK 1.4% (2003 est.)
Imports:
$240.4 billion f.o.b. (2003 est.)
Imports - commodities:
machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
Imports - partners:
US 60.6%, China 5.6%, Japan 4.1% (2003 est.)
Reserves of foreign exchange & gold:
$36.27 billion (2003)
Debt - external:
$1.9 billion (2000)
Economic aid - donor:
ODA, $1.3 billion (1999)
Currency:
Canadian dollar (CAD)
Currency code:
CAD
Exchange rates:
Canadian dollars per US dollar - 1.4011 (2003), 1.5693 (2002), 1.5488 (2001), 1.4851 (2000), 1.4857 (1999)
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