Economy Canada
Economy - overview:
As an affluent, high-tech industrial society in the trillion dollar
class, Canada resembles the US in its market-oriented economic
system, pattern of production, and affluent 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. Given its
great natural resources, skilled labor force, and modern capital
plant, Canada enjoys solid economic prospects. Top-notch fiscal
management has produced consecutive balanced budgets since 1997,
although public debate continues over how to manage the rising cost
of the publicly funded healthcare system. Exports account for
roughly a third of GDP. Canada enjoys a substantial trade surplus
with its principal trading partner, the US, which absorbs about 85%
of Canadian exports. Canada is the US' largest foreign supplier of
energy, including oil, gas, uranium, and electric power.
GDP (purchasing power parity):
$1.165 trillion (2006 est.)
GDP (official exchange rate):
$1.089 trillion (2006 est.)
GDP - real growth rate:
2.8% (2006 est.)
GDP - per capita (PPP):
$35,200 (2006 est.)
GDP - composition by sector: agriculture: 2.3% industry: 29.2% services: 68.5% (2006 est.)
Labor force: 17.59 million (2006 est.)
Labor force - by occupation: agriculture 2%, manufacturing 14%, construction 5%, services 75%, other 3% (2004)
Unemployment rate: 6.4% (2006 est.)