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The economy of Canada is a highly developed mixed economy, [33] [34] [35] with the world's ninth-largest economy as of 2024, and a nominal GDP of approximately US$2.117 trillion. [6] Canada is one of the world's largest trading nations , with a highly globalized economy. [ 36 ]
In August 2023, Canada's inflation rate reached four percent, primarily driven by increased gas prices. [35] Food inflation rates reached 8.5 percent. [36] In November 2024, Canada's annual inflation rate rose to 2.0% in October, exceeding analyst expectations and marking the first increase since May 2024. [37]
The 0.2 per cent increase was in line with estimates. Early estimates point to stronger growth in February.
The economies of Canada and the United States are similar because both are developed countries.While both countries feature in the top ten economies in the world in 2022, the U.S. is the largest economy in the world, with US$24.8 trillion, with Canada ranking ninth at US$2.2 trillion.
Also known as the Loonie, the Canadian dollar traded above the threshold of 1.43 per U.S. dollar, or 0.70 U.S. cents per Canadian dollar, on Tuesday, its weakest intraday level since the start of ...
Canada Flag Coat of arms Motto: A mari usque ad mare (Latin) "From Sea to Sea" Anthem: "O Canada" Royal anthem: "God Save the King" Capital Ottawa 45°24′N 75°40′W / 45.400°N 75.667°W / 45.400; -75.667 Largest city Toronto Official languages English French Demonym(s) Canadian Government Federal parliamentary constitutional monarchy • Monarch Charles III • Governor ...
Statistics Canada (StatCan; French: Statistique Canada), formed in 1971, is the agency of the Government of Canada commissioned with producing statistics to help better understand Canada, its population, resources, economy, society, and culture. It is headquartered in Ottawa. [3]
The Toronto-Dominion Centre in Toronto. The economy of Ontario is diversified.Ontario is the largest economy in Canada, making up around 38% of Canadian GDP. [1] [2] Though manufacturing plays an important role in Ontario's economy responsible for 12.6% of Ontario's GDP, the service sector makes up the bulk, 77.9%, of the economy. [3]