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The economy of Canada is one of the world's largest and most ad

  • The economy of Canada is one of the world's largest and most advanced. According to the most recent World Bank data, the nation's annual gross domestic product (GDP) was $1.64 trillion in current USD in 2020. Consequently, Canada's economy ranked ninth worldwide. China, the United Kingdom, and the United States are Canada's three most important trading partners. Real estate, rental, and leasing are the three largest industries in the nation in terms of their contributions to GDP. Canada's economy is heavily dependent on international trade, with goods and services exports and imports accounting for approximately one third of GDP. manufacturing; oil and gas extraction, quarrying, and mining.

    The headquarters of major financial institutions like Shopify Inc. (SHOP.TO, SHOP), Enbridge Inc. (ENB.TO, ENB), and the Royal Bank of Canada (RY.TO, RY) are all located in Canada. The COVID-19 pandemic significantly slowed Canada's economy in the first half of 2020 before it began to recover in the second half. Real GDP fell 11.3% quarter-over-quarter (Q/Q) in the second quarter of 2020; however, it recovered by 9.1% Q/Q in the third quarter and then by 2.2% Q/Q in the fourth quarter to make up for the sharp drop in the first quarter. When compared to the first quarter of 2020, real GDP increased by 0.3 percent in 2021. Low mortgage rates, rising housing demand, and government transfers to households and businesses all contributed to an increase in GDP in the first quarter. As of September 9, 2021, the CAD/USD exchange rate used in this story is 0.787149. Because each source uses its own method for defining and calculating the data, some of the statistics listed below may differ from one source to the next.

     

    The following are the 2020 Canada GDP Statistics: $1.64 trillion, which places it first in the world GDP per person in Canada in 2020:

    $43,241.62 (ranked 29th globally). Canada's GDP growth in 2020: -6.428%. Inflation in the Canadian Consumer Price Index (CPI) in 2020: Balance of Trade in December 2020 for Canada's Goods and Services: In May 2021, Canada's largest export destination is: as a result of higher imports than exports, resulting in a deficit of $28.6 billion (CAD$36.2 billion) or 0.7 percent the United States (63.5% of exports).

    In May 2021, the top destination for Canadian imports was: the United States (where 50.6% of goods are imported). In terms of dollar value, the following will be Canada's largest export in 2021: 7.31 billion dollars, or 5.77 billion dollars, in crude oil. In 2021, the most valuable goods imported into Canada were: automobiles cost $2.47 million, or $3.13 billion in CAD. The top industries in Canada are:

    The following kinds of activities are carried out by companies in the real estate, rental, and leasing industries in Canada:

    management of real estate; on behalf of others, selling, leasing, or acquiring real estate; valuation of real estate; lease and rental of tangible assets, such as automobile-related tools; as well as leasing intangible non-financial assets like copyrighted works. The industry's GDP, according to the Canadian government, increased by 3.7% in June 2021. The industry employs approximately 250,000 people. Real estate investment trusts (REITs) like Canadian Apartment Properties REIT (CAR.UN), RioCan REIT (REI.UN), and Allied Properties REIT (AP.UN) are some of the biggest companies in the industry.

    The manufacturing sector in Canada is responsible for the creation of new products through the physical or chemical transformation of materials or substances. These items may be semi-finished or finished products that can be used in assembling procedures. Food, chemicals, petroleum, fabricated metal products, machinery, and transportation equipment are just a few of the many products manufactured by Canada's industries. The industry's GDP, according to the Canadian government, increased by 8.1% in June 2021. The industry employs approximately 1.5 million people. ATS Automation Tooling Systems (ATA.TO), a custom engineer and manufacturer of industrial automated manufacturing systems, is one of Canada's major manufacturers. Ballard Power Systems Inc., maker of hydrogen fuel cells (BLDP.TO, BLDP); and the heavy-duty transit bus manufacturer NFI Group Inc. (NFI.TO).

    The extraction of naturally occurring minerals is the primary focus of Canada's mining, quarrying, and oil and gas extraction industries. The extraction of numerous metals, including gold bullion, silver, copper, nickel, and others, is also part of mining. Despite the fact that oil and gas extraction dominates the industry, mining is just one of many types of mining. The mining and quarrying of potash, clay, ceramics, sand, gravel, and stone are also part of the industry. According to the Canadian government, GDP for the industry, which employs approximately 190,000 people, increased by 15.1% in 2021. Nutrien Ltd. (NTR.TO, NTR) is a producer and distributor of potash, nitrogen, and phosphate products. It is one of the largest mining companies in Canada. a Barrick Gold Corp. (ABX.TO, GOLD) gold mining company; and the company that mines for natural resources like gold, metallurgical coal, copper, zinc, and molybdenum, Teck Resources Ltd. (TECK.B.TO, TECK).