Economy ———-
Economic overview: As an affluent, high-tech industrial society, Canada today closely resembles the US in per capita output, market-oriented economic system, and pattern of production. 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. Canada started the 1990s in recession, and real rates of growth have averaged only 1.1% so far this decade. Because of slower growth, Canada still faces high unemployment and a large public sector debt. With its great natural resources, skilled labor force, and modern capital plant, however, Canada will enjoy better economic prospects in the future. The continuing constitutional impasse between English- and French-speaking areas is raising the possibility of a split in the confederation, making foreign investors somewhat edgy.
GDP: purchasing power parity - $694 billion (1995 est.)
GDP real growth rate: 2.1% (1995 est.)
GDP per capita: $24,400 (1995 est.)
GDP composition by sector: agriculture: 2% industry: 26% services: 72% (1994)
Inflation rate (consumer prices): 2.4% (1995 est.)
Labor force: 13.38 million by occupation: services 75%, manufacturing 14%, agriculture 4%, construction 3%, other 4% (1988)
Unemployment rate: 9.5% (1995)
Budget:
revenues: $90.4 billion
expenditures: $114.1 billion, including capital expenditures of $NA
(FY94/95 est.)