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Economy
Canadian Economy
Boasting a highly globalized, industrialized and urbanized economy, Canada is one of the wealthiest nations in the world and the fastest growing economy of all G7 countries.
Canada enjoys the ninth-largest economy in the world based on its GDP of US$1.64 trillion (World Bank data, 2020). Canada's per capita GDP of US$46,260.71 is ranked 20th globally. The country's average household disposable income per capita is consistently ranked above the OECD average.
Canada’s economy includes three main types of industries:
- Service industries: Canada's largest economic driver, employing approximately 75% of all working Canadians and responsible for nearly 70% of the nation's GDP. The Service industries provide thousands of different jobs in areas like healthcare, transportation, education, entertainment, construction, software, finance, telecommunications, retail, tourism and government. As these industries continue to expand and evolve, the need for skilled and qualified workers continues to grow as well.
- Manufacturing industries: Manufacturing is a cornerstone of Canada's modern economy and acts as a magnet for new investments, and also for young, skilled and knowledgeable people wanting to be part of one of Canada's most important economic sectors. Today, manufactured products represent over 10% of Canada's GDP. This includes paper, high technology equipment, automobiles, aerospace technology, machinery, food, clothing and many other goods.
- Natural resources industries: A large ratio of Canada’s exports are natural resources commodities. This includes agriculture, forestry, fishing, mining and energy. These traditional industries have played, and still play, an important part in the country’s history and development. Considered an "energy superpower", Canada ranks third on a global scale in proven oil reserves and is the world’s fourth-largest oil producer.
- Canada is also one of the world's top ten trading nations with commerce remaining a main engine of economic growth. In 2018, Canadian trade in goods and services reached US$1.2 trillion. Canada's exports totalled over US$470 billion, while its imported goods were worth over US$485 billion. Its top three trading partners are the U.S., the European Union, and China.
- All this and more, allows Canadian residents to enjoy a high standard of living that offers advanced public infrastructure, a highly educated and skilled labour force, a world-class educational system, and availability of excellent social services and healthcare.
