The economy of Canada is a highly developed mixed economy. It is the 9th largest GDP by nominal and 15th largest GDP by PPP in the world. Canada's exports totalled over CA$585 billion, while its imported goods were worth over CA$607 billion, of which approximately CA$391 billion originated from the United States, CA$216 billion from non-US sources. Canada is considered an “energy superpower” due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area.
The following tables and chart will tell the change details in last 5-10 years:
Canada Distribution of workforce from the last 5 years:
Canada Distribution of GDP across economic sectors:
Here attached the last 10 years chart of Canada GDP: (amount in billion USD):
3 Sectors of the Economy – Agriculture, Industry and Services:
Agriculture is an important part in the Canada's economy. It employs almost 1.45% of the total workforce and contributed almost 1.73% in GDP.
Canada is one of the largest agricultural producers and exporters in the world. In 2019, Canada was the largest export market for US agricultural exports, totaling US$20.9 billion, accounting for 15% of total US agricultural exports.
Most of Canada's crop farming takes place in the Prairie provinces (Alberta, Saskatchewan and Manitoba). Alberta has the most beef cattle operations of any province. Saskatchewan produces the most durum wheat, canola and lentils. Manitoba has the most pig farms and is second in potato production.
Major products in this Sector:
Oats: Canada is the second largest producer of oats in the world.Oats need cold weather to grow, which is perhaps why Canada is one of the world's leading countries for production and export of high-quality oats. Annually, Canada produces about 3 million tons of high-quality oats. Other countries that lead the production of oats are Russia and the European Union.
Flaxseed: Flax is grown mainly in Manitoba, Saskatchewan and Alberta. Canada is the top flax producer in the world, accounting for approximately 40% of global flax production. Manitoba flaxseed is characterized by a strong combination of oil content, iodine value, and low moisture content.
Beef: Canada is one of the largest exporters of red meat and livestock in the world, exporting around 45 per cent of Canadian beef and cattle production each year. Canada produces approximately 1.55 million tons of beef annually. In 2019, Canada's beef industry exported $3.1 billion (409,967 tones) of beef, represent 41 percent of domestic production. The Canadian beef industry represents the second largest single source of farm cash receipts, with cash receipts from cattle and calves totaling $9.4 billion annually over the last five years (2016 -20 average), representing 16 per cent of total farm cash receipts, contributing $18 billion to GDP annually.
Dairy Farming: Dairy farming is one of the largest agricultural sectors in Canada. Dairy has a significant presence in all of the provinces and is one of the top two agricultural commodities in seven out of ten provinces. The Canadian dairy sector contributes approximately $19.9 billion yearly to Canada's GDP, and sustains approximately 221,000 full-time equivalent jobs and generates $3.8 billion in tax revenues.
Agriculture Subsidy in Canada
Canadian agricultural subsidies are currently controlled by Agriculture and Agri-Food Canada. Financial subsidies are offered through the Canadian Agricultural Partnership Programs. The Canadian Agricultural Partnership began in April 2018 and is planned to take place over five years with a combined federal, provincial and territorial investment of three billion dollars.
There are many programs in Canada for subsidy including Agri Assurance, agricultural leveraging programs, promoting diversity in agriculture, crop and livestock insurance, marketing activities, risk mitigation, and more.
Industry is an important part in the Canada's economy. It accounts for 24.5% of GDP and employed almost 19.48% of the workforce.
Major Industries in this Sector:
Mining: In 2019, the mining sector contributed $109 Billion, or 5%, of Canada's total National GDP. The industry's direct and indirect employment accounts for 719,000 jobs, accounting for one in every 26 jobs in Canada. The Toronto Stock Exchange (TSX) and TSX Venture Exchange are the world's number one mining and exploration listing venues, where 37% of global mining equity has been raised over the last five years. Valued at $106 billion in 2019, mineral exports accounted for 19% of Canada's total domestic exports.
Automotive: Automotive manufacturing is one of Canada's largest industrial sectors, accounting for 10% of manufacturing GDP and 23% of manufacturing trade. Canada produces passenger vehicles, trucks and buses, auto parts and systems, truck bodies and trailers, as well as tires and machines-tools- dies- moulds (MTDM). Canada is one of the world's top 10 producers of light vehicles. Five global OEMs assemble more than 2 million vehicles at their Canadian plants each year: FCA, Ford, GM, Honda and Toyota.
Wood: Canada is a global leader in the production of many forest products, including softwood lumber, wood pulp, and wood pellets. Over two-thirds of Canadian forest products are exported, and the United States is the largest trade partner, accounting for about 68% of Canada's total forest product exports in 2019.
Service sector is an important part in the Canada's economy. It contributes almost 70% in the GDP and employed almost 79% of the total Canada's workforce.
Major Industries in this Sector:
Finance: The banking industry help Canada grow, contributing 3.5% (almost $65 billion) to Canada's gross domestic product. (GDP). More than 280,000 Canadians are employed by banks across Canada. Banks and their subsidiaries paid $30 billion in salaries and benefits in Canada in 2019. Canada's six largest banks paid almost $12.7 billion in taxes to all levels of government in Canada in 2019. The major players in this sector are TD bank, Scotiabank, Royal Bank of Canada, CIBC.
Tourism: In 2019, tourism was Canada's number one service export, totaling 3% of total exports, generating $105 billion in revenue, and accounting for 1.8 million direct and indirect jobs in Canada. In 2019, the best year for Canadian tourism on record, with arrivals reaching 22.1 million, breaking the 22 million mark for the first time ever. Overnight arrivals to Canada from countries other than the United States reached an all-time high of 7.15 million (2018: 6.7 million). The famous view such as Niagara Falls, Banff National Park, Chesterman Beach and many more.
Top 10 Companies in Canada:
|Company Name||Sector||Fortune 500 Rank|
|Brookfield Asset Management||Finance||180|
|Royal Bank of Canada||Banking||256|
|Magna International||Automotive parts||299|
|George Weston Limited||Retail||325|
|Power Corporation of Canada||Finance||331|
|Enbridge||Oil and Gas||346|