Canada Economic Profile March 3, 2020

Canada Economic Profile March 3, 2020 

During the last election the Liberal Prime Minister Justin Trudeau was unable get the majority, just few seat short of majority. It has to depend on other small parties to manage the to pass all bills. It looks like Liberal party have to work with other parties to pass the bills for the next four years.

Canada is the best countries in the world to live in. I wish one day all countries of the world will be as good as Canada to live in. The Canadian are one of the happy people in the world as per UN Happiness Report.

For the last four years, the Liberal Prime Minister Justin Trudeau and his whole team is working very hard to promote Canadian Products and Services around the world.

As we all understand that Canada in exporting nation, it growth depend on exports. Canada is progressing in the right direction and people of Canada are very happy and looking for brighter future.

The good news is that within last 4 yours, the Canada is able to sign 2 major Trade agreements CETA & CPTPP in 2016 & 2018. With these two new major Trade agreements CETA & CPTPP the outlook is looking brighter.

Canada-European Union CETA signed in October 30, 2016 Comprehensive Economic and Trade Agreement.

CPTPP signed in 2018. Comprehensive and Progressive Agreement for Trans-Pacific Partnership TPP between Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam in 2018

Canada has the 10th (nominal) 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 Seven (G7).

As with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians. 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 is one of the few developed nations that are net exporters of energy. Atlantic Canada possesses vast offshore deposits of natural gas, and Alberta also hosts large oil and gas resources. The vastness of the Athabasca oil sands and other assets results in Canada having a 13% share of global oil reserves, comprising the world's third-largest share after Venezuela and Saudi Arabia. Canada is additionally one of the world's largest suppliers of agricultural products; the Canadian Prairies are one of the most important global producers of wheat, canola, and other grains. Canada's Ministry of Natural Resources provides statistics regarding its major exports; the country is a leading exporter of zinc, uranium, gold, nickel, aluminum, steel, iron ore, coking coal and lead. Many towns in northern Canada, where agriculture is difficult, are sustainable because of nearby mines or sources of timber. Canada also has a sizeable manufacturing sector centered in southern Ontario and Quebec, with automobiles and aeronautics representing particularly important industries.

Canada also has a sizable manufacturing sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. With a long coastline, Canada has the 8th largest commercial fishing and seafood industry in the world. Canada is one of the global leaders of the entertainment software industry.

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 seventy-six percent of Canadian merchandise exports each year.

Important economic Figures

Population -:

37,797,496

GDP-:  

 $1.731 trillion (nominal, 2019 EST.)

GDP rank-:     

10th (nominal) (2019)

GDP per capita-:

$46,213 (nominal, 2019)

Exports-:        

$585 billion

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-:

United States 76.2%

European Union 7.7%

China 4.1%

Japan 2.1%

Mexico 1.5%

Other 8.4%

Imports-:        

$607 billion (2018)

Import goods-:

Machinery and equipment,

Motor vehicles and parts,

Crude oil,

Chemicals,

Electricity,

Durable consumer goods

Main import partners-:

United States 52.2%

China 12.1%

European Union 11.4%

Mexico 6.2%

Japan 3%

Other 15.1%

GDP by sector-:

Agriculture: 1.6%,

Industry: 28.2%

Services: 70.2%

Labor force-:

20.270 million (December, 2019)

Labor force by occupation-:

Agriculture: 2%,

Manufacturing: 13%,

Construction: 6%,

Services: 76%,

Other: 3%

Main industries-:

Transportation

Equipment

Chemicals

Minerals

Food products

Wood and paper

Fish products

Petroleum natural gas

Ease-of-doing-business rank-:

 23rd (very easy, 2020)

List of Canada Free-trade agreements signed as of January 1, 2020

North American Free Trade Agreement (Entered into force 1 January 1994, includes Canada, U.S. and Mexico)

Canada–Israel Free Trade Agreement (Entered into force 1 January 1997, modernization ongoing)

Canada–Chile Free Trade Agreement (Entered into force 5 July 1997)

Canada–Costa Rica Free Trade Agreement (Entered into force 1 November 2002, modernization ongoing)

Canada–European Free Trade Association Free Trade Agreement (Iceland, Norway, Switzerland and Liechtenstein; entered into force 01-Jul-2009)

Canada–Peru Free Trade Agreement (Entered into force 1 August 2009)

Canada–Colombia Free Trade Agreement (Signed 21 November 2008, entered into force 15 August 2011

Canada–Jordan Free Trade Agreement (Signed on 28 June 2009, entered into force 1 October 2012)

Canada–Panama Free Trade Agreement (Signed on 14 May 2010, entered into force 1 April2013)

Canada–South Korea Free Trade Agreement (Signed on 11 March 2014, entered into force 1 January 2015)

Canada–Ukraine Free Trade Agreement (concluded 14 July 2015)

Canada-European Union CETA signed in October 30, 2016 Comprehensive Economic and Trade Agreement.

CPTPP signed in 2018. Comprehensive and Progressive Agreement for Trans-Pacific Partnership TPP between Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam in 2018.

Canada is the best countries in the world to live in. I wish one day all countries of the world will be as good as Canada to live in.

Habib Syed, Montreal, Canada March 3, 2020