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Canada: Economy

Economy Canada
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. 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.
GDP:
purchasing power parity - $934.1 billion (2002 est.)
GDP - real growth rate:
3.3% (2002 est.)
GDP - per capita:
purchasing power parity - $29,300 (2002 est.)
GDP - composition by sector:
agriculture: 2.3%
industry: 26.5%
services: 71.2% (2001 est.)
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):
2.2% (2002 est.)
Labor force:
16.4 million (2001 est.)
Labor force - by occupation:
services 74%, manufacturing 15%, construction 5%, agriculture 3%, other 3% (2000)
Unemployment rate:
7.6% (2002 est.)
Budget:
revenues: $178.6 billion
expenditures: $161.4 billion, including capital expenditures of $NA (FY 00/01 est.)
Industries:
transportation equipment, chemicals, processed and unprocessed minerals, food products; wood and paper products; fish products, petroleum and natural gas
Industrial production growth rate:
2.2% (2002 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 (37257)
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 (37257)
Agriculture - products:
wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; forest products; fish
Exports:
$260.5 billion f.o.b. (2002 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 87.7%, Japan 2%, UK 1.1% (2002)
Imports:
$229 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
Imports - partners:
US 62.6%, China 4.6%, Japan 4.4% (2002)
Debt - external:
$1.9 billion $NA (2000)
Economic aid - donor:
ODA, $1.3 billion (1999)
Currency:
Canadian dollar (CAD)
Currency code:
CAD
Exchange rates:
Canadian dollars per US dollar - 1.57 (2002), 1.55 (2001), 1.49 (2000), 1.49 (1999), 1.48 (1998)
Fiscal year:
1 April - 31 March

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Background & Country Profile
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Source: The CIA World Fact Book 2003

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