Canada Economy - 2024

Economic overview

one of the world’s largest economies; leading global financier and macroeconomic partner; largest US trading partner; key timber and oil and gas industries; Canada sends over half its development aid to the World Bank; key “blue economy” developer

Real GDP (purchasing power parity)

$1.832 trillion (2021 est.)
$1.752 trillion (2020 est.)
$1.849 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.54% (2021 est.)
-5.23% (2020 est.)
1.88% (2019 est.)

Real GDP per capita

$47,900 (2021 est.)
$46,100 (2020 est.)
$49,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1,741,865,000,000 (2019 est.)

Inflation rate (consumer prices)

3.4% (2021 est.)
0.72% (2020 est.)
1.95% (2019 est.)

Credit ratings

Fitch rating: AA+ (2020)

Moody's rating: Aaa (2002)

Standard & Poors rating: AAA (2002)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.6% (2017 est.)

industry: 28.2% (2017 est.)

services: 70.2% (2017 est.)

GDP - composition, by end use

household consumption: 57.8% (2017 est.)

government consumption: 20.8% (2017 est.)

investment in fixed capital: 23% (2017 est.)

investment in inventories: 0.7% (2017 est.)

exports of goods and services: 30.9% (2017 est.)

imports of goods and services: -33.2% (2017 est.)

Agricultural products

wheat, rapeseed, maize, barley, milk, soybeans, potatoes, oats, peas, pork

Industries

transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum, natural gas

Industrial production growth rate

4.74% (2021 est.)

Labor force

21.017 million (2021 est.)

Unemployment rate

7.51% (2021 est.)
9.46% (2020 est.)
5.66% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 14% (2021 est.)

male: 15%

female: 13.1%

Population below poverty line

9.4% (2008 est.)

note: this figure is the Low Income Cut-Off, a calculation that results in higher figures than found in many comparable economies; Canada does not have an official poverty line

Gini Index coefficient - distribution of family income

33.3 (2017 est.)

Average household expenditures

on food: 9.1% of household expenditures (2018 est.)

on alcohol and tobacco: 3.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 24.8% (2000)

Remittances

0.04% of GDP (2021 est.)
0.05% of GDP (2020 est.)
0.08% of GDP (2019 est.)

Budget

revenues: $686.718 billion (2020 est.)

expenditures: $861.955 billion (2020 est.)

Budget surplus (+) or deficit (-)

-1% (of GDP) (2017 est.)

Public debt

72.09% of GDP (2020 est.)
48.01% of GDP (2019 est.)
48.18% of GDP (2018 est.)

note: figures are for gross general government debt, as opposed to net federal debt; gross general government debt includes both intragovernmental debt and the debt of public entities at the sub-national level

Taxes and other revenues

13.3% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

$826.662 million (2021 est.)
-$29.216 billion (2020 est.)
-$35.434 billion (2019 est.)

Exports

$611.146 billion (2021 est.)
$484.226 billion (2020 est.)
$561.63 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

US 73% (2019)

Exports - commodities

crude petroleum, cars and vehicle parts, natural gas, gold, lumber (2021)

Imports

$609.256 billion (2021 est.) note: data are in current year dollars
$517.964 billion (2020 est.) note: data are in current year dollars
$589.037 billion (2019 est.) note: data are in current year dollars

Imports - partners

US 57%, China 11%, Mexico 5% (2019)

Imports - commodities

cars and vehicle parts, delivery trucks, crude petroleum, refined petroleum (2019)

Reserves of foreign exchange and gold

$106.615 billion (31 December 2021 est.)
$90.428 billion (31 December 2020 est.)
$85.297 billion (31 December 2019 est.)

Debt - external

$2,124,887,000,000 (2019 est.)
$1,949,796,000,000 (2018 est.)

Exchange rates

Canadian dollars (CAD) per US dollar -

Exchange rates:
1.254 (2021 est.)
1.341 (2020 est.)
1.327 (2019 est.)
1.296 (2018 est.)
1.298 (2017 est.)