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. Canada started the 1990s in recession, and real rates of growth have averaged only 1.1% so far this decade. Because of slower growth, Canada still faces high unemployment - especially in Quebec and the Maritime Provinces - and a large public sector debt. With its great natural resources, skilled labor force, and modern capital plant, however, Canada will enjoy better economic prospects in the future. The continuing constitutional impasse between English- and French-speaking areas is raising the possibility of a split in the federation, making foreign investors somewhat edgy.

GDP purchasing power parity - $658 billion (1997 est.)

GDP - real growth rate 3.5% (1997 est.)

GDP - per capita purchasing power parity - $21,700 (1997 est.)

GDP - composition by sector
agriculture: 3%
industry: 31%
services: 66% (1997)

Inflation rate - consumer price index 1.8% (1997)

Labor force
total: 15.3 million (1997)
by occupation: services 75%, manufacturing 16%, agriculture 3%, construction 5%, other 1% (1997)

Unemployment rate 8.6% (December 1997)

Budget
revenues: $106.5 billion
expenditures: $117.2 billion, including capital expenditures of $1.7 billion (1996)

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

Industrial production growth rate 1.7% (1997 est.)

Electricity - capacity 113.645 million kW (1995)

Electricity - production 532.64 billion kWh (1995)

Electricity - consumption per capita 17,448 kWh (1995)

Agriculture - products wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; forest products; commercial fisheries provide annual catch of 1.5 million metric tons, of which 75% is exported

Exports
total value: $208.6 billion (f.o.b., 1997)
commodities: newsprint, wood pulp, timber, crude petroleum, machinery, natural gas, aluminum, motor vehicles and parts; telecommunications equipment
partners: US, Japan, UK, Germany, South Korea, Netherlands, China

Imports
total value: $194.4 billion (c.i.f., 1997)
commodities: crude oil, chemicals, motor vehicles and parts, durable consumer goods, computers; telecommunications equipment and parts
partners: US, Japan, UK, Germany, France, Mexico, Taiwan, South Korea

Debt - external $253 billion (1996)

Economic aid
donor: ODA, $1.6 billion (1995)
note: ODA and OOF commitments, $10.1 billion (1986-91)

Currency 1 Canadian dollar (Can$) = 100 cents

Exchange rates Canadian dollars (Can$) per US$1 - 1.4408 (January 1998), 1.3846 (1997), 1.3635 (1996), 1.37241 (1995), 1.3656 (1994), 1.2901 (1993)

Fiscal year 1 April - 31 March

NOTE: The information regarding Canada on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Canada Economy 1998 information contained here. All suggestions for corrections of any errors about Canada Economy 1998 should be addressed to the CIA.