Economy of Canada

Economy of Canada

An aerial view of the Financial District in Toronto, the heart of the financial industry of Canada.
Rank 10th (nominal) / 14th (PPP)
Currency Canadian dollar (CAD)
Fiscal year 1 April – 31 March
Trade organisations NAFTA, OECD, WTO and others
Statistics
GDP $1.758 trillion (2011)[1]
GDP growth 2.4% (2011)[2]
GDP per capita PPP: $51,147 (2011) [3]
GDP by sector agriculture: 2.2%, industry: 26.3%, services: 71.5% (2010 est.)
Inflation (CPI) 1.6% (2010 est.)
Population
below poverty line		 10.8% (relative) (2005)
Gini index 32.1 (2005)
Labour force 18.53 million (2010 est.)
Labour force
by occupation		 agriculture: 2%, manufacturing: 13%, construction: 6%, services: 76%, other: 3% (2006 est.)
Unemployment 7.2 % (July 2011) [4]
Main industries transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum and natural gas
Ease of Doing Business Rank 13th[5]
External
Exports $393 billion (2010 est.)
Export goods motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum
Main export partners US 74.9%, UK 4.1% (2010)
Imports $401.7 billion (2010 est.)
Import goods machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
Main import partners US 50.4%, China 11%, Mexico 5.5% (2010)
FDI stock $528.7 billion (31 December 2010 est.)
Gross external debt $1.181 trillion (30 June 2011)
Public finances
Public debt $519.1 billion (2010)[6]
Budget deficit $55.6 billion CAD (Federal, 2009-10)[6]
Revenues $218.6 billion CAD (Federal, 2009-10)[6]
Expenses $274.2 billion CAD (Federal, 2009-10)[6]
Economic aid $4.1 billion (donor) (2010)
Credit rating AAA (Domestic)
AAA (Foreign)
AAA (T&C Assessment)
(Standard & Poor's)[7]
Foreign reserves US$63.019 billion (April 2011)[8]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars

Canada has the tenth largest economy in the world (measured in US dollars at market exchange rates), is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development (OECD) and Group of Eight (G8). As with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians.[9] Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada's most important. Canada also has a sizable manufacturing sector, centered in Central Canada, with the automobile industry especially important.

Contents

Basic information

Canada has one of the highest levels of economic freedom in the world. Today Canada closely resembles the U.S. in its market-oriented economic system, and pattern of production.[10] As of September 2011, Canada's national unemployment rate stood at 7.1%,[11] as the economy continues its recovery from the effects of the 2007-2010 global financial crisis. In May 2010, provincial unemployment rates varied from a low of 5.0% in Saskatchewan to a high of 13.8% in Newfoundland and Labrador.[12] According to the Forbes Global 2000 list of the world's largest companies in 2008, Canada had 69 companies in the list, ranking 5th next to France.[13] As of 2008, Canada’s total government debt burden is the lowest in the G8.

International trade makes up a large part of the Canadian economy, particularly of its natural resources. In 2009, agricultural, energy, forestry and mining exports accounted for about 58% of Canada's total exports.[14] Machinery, equipment, automotive products and other manufactures accounted for a further 38% of exports in 2009.[14] In 2009, exports accounted for approximately 30% of Canada's GDP. The United States is by far its largest trading partner, accounting for about 73% of exports and 63% of imports as of 2009.[15] Canada's combined exports and imports ranked 8th among all nations in 2006.[16]

Canada has considerable natural resources spread across its varied regions. As an example, in British Columbia the forestry industry is of great importance, while the oil and gas industry is important in Alberta, Saskatchewan and Newfoundland and Labrador. Northern Ontario is home to a wide array of mines, while the fishing industry has long been central to the character of the Atlantic provinces, though it has recently been in steep decline. Canada has mineral resources of coal, copper, iron ore, and gold.

These primary industries are increasingly becoming less important to the overall economy. Only some 4% of Canadians are employed in these fields, and they account for 6.2% of GDP.[17] They are still paramount in many parts of the country. Many, if not most, towns in northern Canada, where agriculture is difficult, exist because of a nearby mine or source of timber. Canada is a world leader in the production of many natural resources such as gold, nickel, uranium, diamonds and lead. Several of Canada's largest companies are based in natural resource industries, such as EnCana, Cameco, Goldcorp, and Barrick Gold. The vast majority of these products are exported, mainly to the United States. There are also many secondary and service industries that are directly linked to primary ones. For instance one of Canada's largest manufacturing industries is the pulp and paper sector, which is directly linked to the logging industry.

The large reliance on natural resources has several effects on the Canadian economy and Canadian society. While manufacturing and service industries are easy to standardize, natural resources vary greatly by region. This ensures that differing economic structures developed in each region of Canada, contributing to Canada's strong regionalism. At the same time the vast majority of these resources are exported, integrating Canada closely into the international economy. Howlett and Ramesh argue that the inherent instability of such industries also contributes to greater government intervention in the economy, to reduce the social impact of market changes.[18]

Such industries also raise important questions of sustainability. Despite many decades as a leading producer, there is little risk of depletion. Large discoveries continue to be made, such as the massive nickel find at Voisey's Bay. Moreover the far north remains largely undeveloped as producers await higher prices or new technologies as many operations in this region are not yet cost effective. In recent decades Canadians have become less willing to accept the environmental destruction associated with exploiting natural resources. High wages and Aboriginal land claims have also curbed expansion. Instead many Canadian companies have focused their exploration and expansion activities overseas where prices are lower and governments more accommodating. Canadian companies are increasingly playing important roles in Latin America, Southeast Asia, and Africa.

The exploitation of renewable resources have raised concerns in recent years. After decades of escalating overexploitation the cod fishery all but collapsed in the 1990s, and the Pacific salmon industry also suffered greatly. The logging industry, after many years of activism, has in recent years moved to a more sustainable model.

Province Unemployment rate
(seasonally adjusted as of August 2011)
Newfoundland and Labrador 13.7
Prince Edward Island 11.4
Nova Scotia 8.9
New Brunswick 9.2
Quebec 7.6
British Columbia 7.5
Ontario 7.5
Manitoba 5.4
Alberta 5.6
Saskatchewan 4.5
Canada (national) 7.3[19]

Key industries

Service sector

The service sector in Canada is vast and multifaceted, employing some three quarters of Canadians and accounting for 78% of GDP.[20] The largest employer is the retail sector, employing almost 12% of Canadians.[21] The retail industry is mainly concentrated in a small number of chain stores clustered together in shopping malls. In recent years, there has been an increase in the number of big-box stores, such as Wal-Mart (of the United States) and Future Shop (a subsidiary of the US based Best Buy) and Zellers (since most of their leases have been purchased by Target). This has led to fewer workers in this sector and a migration of retail jobs to the suburbs.

The second largest portion of the service sector is the business services, employing only a slightly smaller percentage of the population. This includes the financial services, real estate, and communications industries. This portion of the economy has been rapidly growing in recent years. It is largely concentrated in the major urban centres, especially Toronto, Montreal and Vancouver (see Banking in Canada).

The education and health sectors are two of Canada's largest, but both are largely under the purview of the government. The health care industry has been quickly growing, and is the third largest in Canada. Its rapid growth has led to problems for governments who must find money to fund it.

Canada has an important high tech industry, and also an entertainment industry creating content both for local and international consumption . Tourism is of ever increasing importance, with the vast majority of international visitors coming from the United States. Though the recent strength of the Canadian Dollar has hurt this sector, other nations such as China have increased tourism to Canada.

Manufacturing

The general pattern of development for wealthy nations was a transition from a primary industry based economy to a manufacturing based one, and then to a service based economy. Canada did not escape this pattern - at its (abnormally high World War 2) peak in 1944, manufacturing accounted for 29% of GDP,[22] declining to 15.6% in 2005. Canada has not suffered as greatly as most other rich, industrialized nations from the pains of the relative decline in the importance of manufacturing since the 1960s.[23] A 2009 study by Statistics Canada also found that, while manufacturing declined as a relative percentage of GDP from 24.3% in the 1960s to 15.6% in 2005, manufacturing volumes between 1961 and 2005 kept pace with the overall growth in the volume index of GDP.[24] Manufacturing in Canada was especially hard hit by the 2007-2010 global financial crisis. As of 2010, manufacturing accounts for 13% of Canada's GDP,[17] a relative decline of more than 2% of GDP since 2005.

Central Canada is home to branch plants to all the major American and Japanese automobile makers and many parts factories owned by Canadian firms such as Magna International and Linamar Corporation. Central Canada today produces more vehicles each year than the neighbouring U.S. state of Michigan, the heart of the American automobile industry. Manufacturers have been attracted to Canada due to the highly educated population with lower labour costs than the United States. Canada's publicly funded health care system is also an important attraction, as it exempts companies from the high health insurance costs they must pay in the United States.

Much of the Canadian manufacturing industry consists of branch plants of United States firms, though there are some important domestic manufacturers, such as Bombardier Inc.. This has raised several concerns for Canadians. Branch plants provide mainly blue collar jobs, with research and executive positions confined to the United States.

Energy

See also: Petroleum production in Canada

Canada is one of the few developed nations that is a net exporter of energy - in 2009 net exports of energy products amounted to 2.9% of GDP. Most important are the large oil and gas resources centred in Alberta and the Northern Territories, but also present in neighbouring British Columbia and Saskatchewan. The vast Athabasca Oil Sands give Canada the world's third largest reserves of oil after Saudi Arabia and Venezuela according to USGS. In British Columbia and Quebec, as well as Ontario, Saskatchewan, Manitoba and the Labrador region, hydroelectric power is an inexpensive and relatively environmentally friendly source of abundant energy. In part because of this, Canada is also one of the world's highest per capita consumers of energy.[25][26] Cheap energy has enabled the creation of several important industries, such as the large aluminum industries in British Columbia [27] and Quebec [28]

Historically, an important issue in Canadian politics is the interplay between the oil and energy industry in Western Canada and the industrial heartland of Southern Ontario. Foreign investment in Western oil projects has fueled Canada's rising dollar. This has raised the price of Ontario's manufacturing exports and made them less competitive, a problem similar to the decline of the manufacturing sector in Holland.[29][30] Also, Ontario has relatively fewer native sources of power. However, it is cheaper for Alberta to ship its oil to the western United States than to eastern Canada. The eastern Canadian ports thus import significant quantities of oil from overseas, and Ontario makes significant use of nuclear power.

The National Energy Policy of the early 1980s attempted to force Alberta to sell low priced oil to eastern Canada. This policy proved deeply divisive, and quickly lost its importance as oil prices collapsed in the mid-1980s. One of the most controversial sections of the Canada-United States Free Trade Agreement of 1988 was a promise that Canada would never charge the United States more for energy than fellow Canadians.

Agriculture

Main article: Agriculture in Canada

Canada is also one of the world's largest suppliers of agricultural products, particularly of wheat and other grains.[31] Canada is a major exporter of agricultural products, to the United States but also to Europe and East Asia. As with all other developed nations the proportion of the population and GDP devoted to agriculture fell dramatically over the 20th century.

As with other developed nations, the Canadian agriculture industry receives significant government subsidies and supports. However, Canada has been a strong supporter of reducing market influencing subsidies through the World Trade Organization. In 2000, Canada spent approximately CDN$4.6 billion on supports for the industry. Of this, $2.32 billion was classified under the WTO designation of "green box" support, meaning it did not directly influence the market, such as money for research or disaster relief. All but $848.2 million were subsidies worth less than 5% of the value of the crops they were provided for, which is the WTO threshold. Consequently, Canada used only $848.2 million of its $4.3 billion subsidy allowance granted by the WTO.[32]

Political issues

Economy of Canada
This article is part of a series
Economic history of Canada
Sectors
Primary sector
Secondary sector
Tertiary sector
Finance
Companies
  • Companies listed on the TSX
Economy by Province
Alberta – Ontario – Quebec – Saskatchewan - more...
Economy by City
Montreal – Toronto - Vancouver - more...

Relations with the U.S.

Main article: Canada – United States relations

Canada and the United States share a common trading relationship. Canada's job market continues to perform well along with the US, reaching a 30 year low in the unemployment rate in December 2006, following 14 consecutive years of employment growth.[33]

The United States is by far Canada's largest trading partner, with more than $1.7 billion CAD in trade per day in 2005. In 2009 73% of Canada's exports went to the United States, and 63% of Canada's imports were from the United States.[34] Trade with Canada makes up 23% of the United States' exports and 17% of its imports.[35] By comparison, in 2005 this was more than U.S. trade with all countries in the European Union combined,[36] and well over twice U.S. trade with all the countries of Latin America combined.[37] Just the two-way trade that crosses the Ambassador Bridge between Michigan and Ontario equals all U.S. exports to Japan. Canada's importance to the United States is not just a border-state phenomenon: Canada is the leading export market for 35 of 50 U.S. states, and is the United States' largest foreign supplier of energy.

Bilateral trade increased by 52% between 1989, when the U.S.-Canada Free Trade Agreement (FTA) went into effect, and 1994, when the North American Free Trade Agreement (NAFTA) superseded it. Trade has since increased by 40%. NAFTA continues the FTA's moves toward reducing trade barriers and establishing agreed-upon trade rules. It also resolves some long-standing bilateral irritants and liberalizes rules in several areas, including agriculture, services, energy, financial services, investment, and government procurement. NAFTA forms the largest trading area in the world, embracing the 405 million people of the three North American countries.

The largest component of U.S.-Canada trade is in the commodity sector.

The U.S. is Canada's largest agricultural export market, taking well over half of all Canadian food exports.[38] Similarly, Canada is the largest market for U.S. agricultural goods, with nearly 20% of American food exports going to its northern neighbour. Nearly two-thirds of Canada's forest products, including pulp and paper, are exported to the United States; 72% of Canada's total newsprint production also is exported to the U.S.

At $73.6 billion in 2004, U.S.-Canada trade in energy is the largest U.S. energy trading relationship, with the overwhelming majority ($66.7 billion) being exports from Canada. The primary components of U.S. energy trade with Canada are petroleum, natural gas, and electricity. Canada is the United States' largest oil supplier and the fifth-largest energy producing country in the world. Canada provides about 16% of U.S. oil imports and 14% of total U.S. consumption of natural gas. The United States and Canada's national electricity grids are linked, and both countries share hydropower facilities on the western borders.

While most of U.S.-Canada trade flows smoothly, there are occasionally bilateral trade disputes, particularly in the agricultural and cultural fields. Usually these issues are resolved through bilateral consultative forums or referral to World Trade Organization (WTO) or NAFTA dispute resolution. In May 1999, the U.S. and Canadian governments negotiated an agreement on magazines that provides increased access for the U.S. publishing industry to the Canadian market. The United States and Canada also have resolved several major issues involving fisheries. By common agreement, the two countries submitted a Gulf of Maine boundary dispute to the International Court of Justice in 1981; both accepted the court's 12 October 1984 ruling which demarcated the territorial sea boundary. A current issue between the United States and Canada is the ongoing softwood lumber dispute, as the U.S. alleges that Canada unfairly subsidizes its forestry industry.

In 1990, the United States and Canada signed a bilateral Fisheries Enforcement Agreement, which has served to deter illegal fishing activity and reduce the risk of injury during fisheries enforcement incidents. The U.S. and Canada signed a Pacific Salmon Agreement in June 1999 that settled differences over implementation of the 1985 Pacific Salmon Treaty for the next decade.

Canada and the United States signed an aviation agreement during Bill Clinton's visit to Canada in February 1995, and air traffic between the two countries has increased dramatically as a result. The two countries also share in operation of the St. Lawrence Seaway, connecting the Great Lakes to the Atlantic Ocean.[39]

The U.S. is Canada's largest foreign investor and the most popular destination for Canadian foreign investments; at the end of 2007, the stock of U.S. direct investment in Canada was estimated at $293 billion, while Canadian direct investment (stock) in the United States was valued at $213 billion.[40][41] U.S. FDI accounts for 59.5% of total foreign direct investment in Canada while Canadian FDI in the U.S. accounts for 10% (5th largest foreign investor).[42] US investments are primarily directed at Canada's mining and smelting industries, petroleum, chemicals, the manufacture of machinery and transportation equipment, and finance, while Canadian investment in the United States is concentrated in manufacturing, wholesale trade, real estate, petroleum, finance, and insurance and other services.[43]

Median household income comparison

Country or region Median household income national currency units Year PPP rate (OECD) Median household income (PPP)
Switzerland[44] (gross) 109,236 CHF, $100,387 2008 1.68375 $64,877
US Connecticut[45] 66,452 USD 2010 1.00 $66,452
US California[45] 54,459 USD 2010 1.00 $54,549
Canada[46] 68,410 CAD 2009 1.254989 $54,510
United States[45] 49,445 USD 2010 1.00 $49,445
Switzerland[44] (after taxes and health insurance) 77,580 CHF, $71,296 2008 1.640256 $47,297
Australia[47] 66,890 AUD 2007/2008 1.5162805 $44,115
New Zealand[48] 63,867 NZD 2008/2009 1.5881895 $40,214
United Kingdom[49] 24,700 GBP 2004 0.632 $39,000
Israel[50] 107,820 ILS 2006 2.90 $37,000
US Mississippi[45] 35,076 USD 2009 1.00 $35,076
Ireland 35,410 EUR 2005 1.02 $35,000
UK Scotland[51] 21,892 GBP 2005 0.649 $34,000
South Korea[52] 26,640,000 KRW 2009 804.718137 $33,105
Hong Kong[53] 186,000 HKD 2005 5.96 $31,000
Singapore[54] 45,960 SGD 2005 1.55 $30,000

Free Trade Agreements

(source:[55])

Canada is negotiating bilateral FTAs with the following countries and trade blocs:

Canada is also involved in negotiations to create the following regional trade blocks:

See also

Book: Canada
Wikipedia books are collections of articles that can be downloaded or ordered in print.

References

Note:There is an apparent discrepancy between the factbook's 65.4% of GDP estimate for Canada's debt in 2006,[58] and the 30.2% trumpeted by the Canadian government.[59] Both numbers are correct. The reason is that the Canadian government uses the OECD's net financial liabilities, while the CIA World Factbook uses a different measure of financial liabilities. The OECD itself reports the gross number as 68%, and the net number as 30.2%.[60] The net number places Canada as one of the least indebted G8 countries, while the gross number is less flattering.
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Bibliography
  • Howlett, Michael and M. Ramesh. Political Economy of Canada: An Introduction. Toronto: McClelland and Stewart, 1992.
  • Wallace, Iain, A Geography of the Canadian Economy. Don Mills: Oxford University Press, 2002.

Further reading

Main article: Bibliography of Canadian economic history

External links