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The COVID-19 pandemic had a deep impact on the Canadian economy, leading it into a recession. The government's social distancing rules had the effect of limiting economic activity in the country. Companies started mass layoffs of workers, and Canada's unemployment rate was 13.5 percent in May 2020, the highest it has been since 1976. [1]
The economy of Canada is a highly developed mixed economy, [33] [34] [35] the world's ninth-largest 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 2021, Canadian trade in goods and services reached $2.016 trillion. [37]
The United States has the largest economy globally and Canada ranks 9th at US$2.015 trillion. [5] The US share of the global market economy estimated at US$79.98 trillion, was c. 25% in 2018, which is down from 35% in 2005. [6] China's global e-commerce market share has grown rapidly from less than 1% in c. 1998 to 42% in 2018.
Quebec is a leader in the transition to electric vehicles (EVs) in Canada and beyond. According to the latest data from Statistics Canada, Quebec had the highest number of EV registrations in the first quarter of 2022, with 7,522 vehicles. This accounted for 9.2% of the total new vehicle registrations in the province.
Business and economy. 2024 Canada railway shutdown. Canadian National Railway and Canadian Pacific Kansas City lock out roughly 10,000 unionized railroad workers in Canada, leading to a railway stoppage that impacts many North American supply chains and may cost the economy of Canada C$341 million per day.
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]
Montreal's economy is the second largest of all cities in Canada [1] and the first in Quebec. [2] Montreal is a centre of commerce, industry, technology, culture, finance, and world affairs. In 2022, Metropolitan Montreal was responsible for $233 Billion CDN of Quebec's $425 Billion CDN GDP , [ 3 ] with a population of 4.37 million people. [ 4 ]
Insurance losses due to 9/11 were more than one and a half times greater than what was previously the largest disaster (Hurricane Andrew) in terms of losses.The losses included business interruption ($11.0 billion), property ($9.6 billion), liability ($7.5 billion), workers compensation ($1.8 billion), and others ($2.5 billion).