About Canada & Key Financial Statistics

About Canada and Key Financial Statistics

Overview of Economy:

As a high-tech industrial society in the trillion-dollar class, Canada 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, its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian merchandise exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, and electric power, and a top source of US uranium imports. Given its abundant natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the early intervention by the Bank of Canada and the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-14 and plans to balance the budget by 2015 despite the recent drop in oil prices. In addition, the country's petroleum sector is rapidly expanding, because Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada now ranks third in the world in proved oil reserves behind Saudi Arabia and Venezuela and is the world’s fifth-largest oil producer.

Gross Domestic Product (In USD):

$1.596 trillion (2014 est.)

$1.558 trillion (2013 est.)

$1.527 trillion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 1.6

% Industry: 28.6

% Services: 69.7

Composition of Labor Force by Occupation:

% Agriculture: 2

% Industry:

% Services: 76

Per Capita Income:

$45,000 (2014 est.)

$43,900 (2013 est.)

$43,000 (2012 est.)


$478.4 billion (2014 est.)

$465.4 billion (2013 est.)

Key Export Commodities:

motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum

Export Partners:

US 76.8% (2014)


$473.8 billion (2014 est.)

$472.4 billion (2013 est.)

Key Import Commodities:

machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods

Import Partners:

US 54.5%, China 11.5%, Mexico 5.6% (2014)

Inflation Rate (Consumer Price Index):

1.9% (2014 est.)

1% (2013 est.)

Exchange Rate to USD:

Canadian dollars (CAD) per US dollar -

1.1047 (2014 est.)

1.1047 (2013 est.)

1 (2012 est.)

0.9895 (2011 est.)

1.0302 (2010 est.)

Unemployment Rate:

6.9% (2014 est.)

7.1% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings