Economy of Canada - Wikipedia Economy of Canada Economy of Canada Toronto, the financial centre of Canada Currency Canadian dollar ( CAD ) Fiscal year 1 April -- 29 March Trade organizations NAFTA, OECD, WTO and others Statistics GDP $1.640 trillion ( nominal ; 2017 ) $1.763 trillion ( PPP ; 2017 ) GDP rank 10th ( nominal ) / 17th ( PPP ) GDP growth 1.7 % ( Q3 2017 ) GDP per capita $44,773 ( nominal ; 2017 ) $48,141 ( PPP ; 2017 ) GDP per capita rank 16th ( nominal ) / 22nd ( PPP ) GDP by sector agriculture : 1.6 %, industry : 27.7 %, services : 70.7 % ( 2016 est. ) Inflation ( CPI ) 1.4 % ( October 2017 ) Population below poverty line 12.9 % Gini coefficient. 315 ( 2011 ) Labour force 20 million ( 2017 ) Labour force by occupation agriculture : 2 %, manufacturing : 13 %, construction : 6 %, services : 76 %, other : 3 % ( 2006 est. ) Unemployment 5.9 % ( November 2017 ) Average gross salary C $ 986 weekly ( September 2017 ) Main industries Petroleum natural gas transportation equipment chemicals minerals food products wood and paper products fish products Ease - of - doing - business rank 18th ( 2018 ) External Exports $390.1 billion ( 2016 ) 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 $416.6 billion ( 2016 ) 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 % FDI stock Inward : $956.0 billion Outward : $1.219 trillion ( 2016 ) Current account C $ - 16.3 billion ( Q2 2017 ) Gross external debt $1.791 trillion ( 31 March 2017 ) Public finances Public debt 98.8 % of GDP ( 2016 est. ) Revenues $594.7 billion ( 2016 est. ) Expenses $632.4 billion ( 2016 est. ) Economic aid donor : ODA, $3.96 billion ( 2016 ) Credit rating Standard & Poor 's : AAA Outlook : Stable Moody 's : AAA Outlook : Stable Fitch : AAA Outlook : Stable Foreign reserves $83.1 billion ( November 2016 ) Main data source : CIA World Fact Book All values, unless otherwise stated, are in US dollars. The economy of Canada is a highly developed mixed economy with 10th largest GDP by nominal and 17th largest GDP by PPP in the world. Canada is one of the world 's wealthiest nations with high standard of living and quality of life. As with other developed nations, the country 's economy is dominated by the service industry, which employs about three quarters of Canadians. Canada has the fourth highest total estimated value of natural resources, valued at US $33.2 trillion in 2016. It has the world 's third largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas. Canada is considered an `` energy superpower '' due to its abundant natural resources. 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 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. It is a member of the APEC, NAFTA, G7, G20, OECD and WTO. Contents 1 Overview 1.1 Unemployment rate 2 Measuring productivity 2.1 Gross Domestic Product ( GDP ) 2.2 Multifactor productivity ( MFP ) 3 Bank of Canada 3.1 Inflation targeting 4 Key industries 4.1 Service sector 4.2 Manufacturing 4.3 Energy 4.4 Agriculture 5 Free trade agreements 5.1 Free Trade Agreements in force 5.2 Free Trade Agreements concluded 5.3 Ongoing Free Trade Agreements Negotiations 6 Political issues 6.1 Relations with the U.S. 7 Debt issue 7.1 Central Government Debt 7.2 Household Debt 7.2. 1 Household debt in 2013 7.2. 2 Household debt in 2014 7.2. 3 Household debt in 2015 8 Royal Bank of Canada 2016 report 9 See also 10 Notes 11 References 12 Further reading 13 External links Overview With the exception of a few island nations in the Caribbean, Canada is the only major parliamentary democracy in the western hemisphere. As a result, Canada has developed its own social and political institutions, distinct from most other countries in the world. Though the Canadian economy is closely integrated with the American economy, it has developed unique economic institutions. The Canadian economic system generally combines elements of private enterprise and public enterprise. Many aspects of public enterprise, most notably the development of an extensive social welfare system to redress social and economic inequities, were adopted after the end of World War Two in 1945. Canada has a private to public ( Crown ) property ratio of 60 : 40 and one of the highest levels of economic freedom in the world. Today Canada closely resembles the U.S. in its market - oriented economic system and pattern of production. According to the Forbes Global 2000 list of the world 's largest companies in 2008, Canada has 69 companies in the list, ranking 5th next to France. International trade makes up a large part of the Canadian economy, particularly of its natural resources. In 2009, agriculture, energy, forestry and mining exports accounted for about 58 % of Canada 's total exports. Machinery, equipment, automotive products and other manufactures accounted for a further 38 % of exports in 2009. In 2009, exports accounted for approximately 30 % of Canada 's GDP. The United States is by far its largest trading partner, accounting for about 73 % of exports and 63 % of imports as of 2009. Canada 's combined exports and imports ranked 8th among all nations in 2006. Approximately 4 % of Canadians are directly employed in primary resource fields, and they account for 6.2 % of GDP. They are still paramount in many parts of the country. Many, if not most, towns in northern Canada, where agriculture is difficult, exist because of a nearby mine or source of timber. Canada is a world leader in the production of many natural resources such as gold, nickel, uranium, diamonds, lead, and in recent years, crude petroleum, which, with the world 's second - largest oil reserves, is taking an increasingly prominent position in natural resources extraction. Several of Canada 's largest companies are based in natural resource industries, such as EnCana, Cameco, Goldcorp, and Barrick Gold. The vast majority of these products are exported, mainly to the United States. There are also many secondary and service industries that are directly linked to primary ones. For instance one of Canada 's largest manufacturing industries is the pulp and paper sector, which is directly linked to the logging business. The reliance on natural resources has several effects on the Canadian economy and Canadian society. While manufacturing and service industries are easy to standardize, natural resources vary greatly by region. This ensures that differing economic structures developed in each region of Canada, contributing to Canada 's strong regionalism. At the same time the vast majority of these resources are exported, integrating Canada closely into the international economy. Howlett and Ramesh argue that the inherent instability of such industries also contributes to greater government intervention in the economy, to reduce the social impact of market changes. Natural resource industries also raise important questions of sustainability. Despite many decades as a leading producer, there is little risk of depletion. Large discoveries continue to be made, such as the massive nickel find at Voisey 's Bay. Moreover, the far north remains largely undeveloped as producers await higher prices or new technologies as many operations in this region are not yet cost effective. In recent decades Canadians have become less willing to accept the environmental destruction associated with exploiting natural resources. High wages and Aboriginal land claims have also curbed expansion. Instead many Canadian companies have focused their exploration, exploitation and expansion activities overseas where prices are lower and governments more amenable. Canadian companies are increasingly playing important roles in Latin America, Southeast Asia, and Africa. The depletion of renewable resources has raised concerns in recent years. After decades of escalating overutilization the cod fishery all but collapsed in the 1990s, and the Pacific salmon industry also suffered greatly. The logging industry, after many years of activism, has in recent years moved to a more sustainable model, or to other countries. Unemployment rate Province Unemployment rate percentage of population as of July 2017 Newfoundland and Labrador 15.7 Prince Edward Island 10.0 Nova Scotia 7.9 New Brunswick 6.5 Quebec 5.8 Ontario 6.1 Manitoba 5.0 Saskatchewan 6.6 Alberta 7.8 British Columbia 5.3 Canada ( national ) 6.3 Measuring productivity Part of a series on the Economy of Canada Economic history of Canada Banking history Petroleum history Energy policy of Canada Canadian dollar Sectors Primary sector Agriculture Energy Petroleum Electricity Fishing Forestry Secondary sector Automotives Aerospace Tertiary sector Social programs Transportation Tourism Finance Central Bank Banking in Canada Stock exchanges Companies Companies listed on the TSX Economy by province Alberta Ontario Quebec Saskatchewan more... Economy by city Montreal Toronto Vancouver more... Productivity measures are key indicators of economic performance and a key source of economic growth and competitiveness. The Organisation for Economic Co-operation and Development ( OECD ) The OECD Compendium of Productivity Indicators, published annually, presents a broad overview of productivity levels and growth in member nations, highlighting key measurement issues. It analyses the role of `` productivity as the main driver of economic growth and convergence '' and the `` contributions of labour, capital and MFP in driving economic growth. '' According to the definition above `` MFP is often interpreted as the contribution to economic growth made by factors such as technical and organisational innovation '' ( OECD 2008, 11 ). Measures of productivity include Gross Domestic Product ( GDP ) ( OECD 2008, 11 ) and multifactor productivity. Gross domestic product ( GDP ) The OECD provides data for example comparing labour productivity levels in the total economy of each member nation. In their 2011 report Canada 's Gross Domestic Product ( GDP ) was $ CDN 1,720,748 million. In the International Monetary Fund 's ( IMF ) quarterly World Economic Outlook released in April 2015, the IMF forecast that Canada 's real gross domestic product ( GDP ) would grow 2.2 percent. In the July World Economic Outlook the IMF forecast that Canada 's real GDP would grow by 1.5 per cent in 2015. According to CTV News real estate accounts for half of all GDP growth. Multifactor productivity ( MFP ) Another productivity measure, used by the OECD, is the long - term trend in multifactor productivity ( MFP ) also known as total factor productivity ( TFP ). This indicator assesses an economy 's `` underlying productive capacity ( '' potential output `` ), itself an important measure of the growth possibilities of economies and of inflationary pressures. '' MFP measures the residual growth that can not be explained by the rate of change in the services of labour, capital and intermediate outputs, and is often interpreted as the contribution to economic growth made by factors such as technical and organisational innovation. ( OECD 2008, 11 ) According to the OECD 's annual economic survey of Canada in June 2012, Canada has experienced weak growth of multi-factor productivity ( MFP ) and has been declining further since 2002. One of the ways MFP growth is raised is by boosting innovation and Canada 's innovation indicators such as business R&D and patenting rates were poor. Raising MFP growth, is `` needed to sustain rising living standards, especially as the population ages. '' Bank of Canada Inflation targeting The Bank of Canada, a federal crown corporation, has the responsibility of Canada 's monetary system. During the period that John Crow was Governor of the Bank of Canada -- 1987 to 1994 -- there was a worldwide recession and the bank rate rose to around 14 % and unemployment topped 11 %. In 1991, with Prime Minister Brian Mulroney in office, the federal government and the Bank of Canada announced a new inflation targeting monetary policy that has been the cornerstone of Canada 's monetary and fiscal policy ever since. Although since that time inflation - targeting has been adopted by `` most advanced - world central banks '', in 1991 it was innovative and Canada was an early adopter when the then - Finance Minister Michael Wilson approved the Bank of Canada 's first inflation - targeting in the 1991 federal budget. The inflation target was set at 2 per cent, which is the midpoint of an inflation range of 1 to 3 per cent. They established a set of inflation - reduction targets in order to keep inflation `` low, stable and predictable '' and to foster `` confidence in the value of money, '' contribute to Canada 's sustained growth, employment gains and improved standard of living. Inflation is measured by the total consumer price index ( CPI ). In 2011 the Government of Canada and the Bank of Canada extended Canada 's inflation - control target to December 31, 2016. The Bank of Canada uses three unconventional instruments to achieve the inflation target : `` a conditional statement on the future path of the policy rate, '' quantitative easing, and credit easing. As a result, interest rates and inflation eventually came down along with the value of the Canadian dollar. From 1991 to 2011 the inflation - targeting regime kept `` price gains fairly reliable. '' Following the Financial crisis of 2007 -- 08 the narrow focus of inflation - targeting as a means of providing stable growth in the Canadian economy, was questioned. By 2011, the then - Bank of Canada Governor Mark Carney argued that the central bank 's mandate would allow for a more flexible inflation - targeting in specific situations where he would consider taking longer `` than the typical six to eight quarters to return inflation to 2 per cent. '' The central bank -- the Bank of Canada -- issues its rate announcement through its Monetary Policy Report which is released eight times a year. On July 15, 2015 the Bank of Canada announced that it was lowering its target for the overnight rate by another one - quarter percentage point, to 0.5 per cent `` to try to stimulate an economy that appears to have failed to rebound meaningfully from the oil shock woes that dragged it into decline in the first quarter. '' According to the Bank of Canada announcement, in the first quarter of 2015, the total Consumer price index ( CPI ) inflation was about 1 per cent. This reflects `` year - over-year price declines for consumer energy products. '' Core inflation in the first quarter of 2015 was about 2 per cent with an underlying trend in inflation at about 1.5 to 1.7 per cent. In response to the Bank of Canada 's July 15, 2015 rate adjustment, Prime Minister Stephen Harper explained that the Canadian economy was being dragged down by forces beyond Canadian borders such as global oil prices, the European debt crisis, and China 's economic slowdown '' which has made the global economy `` fragile. '' The Chinese stock market had lost about US $3 trillion of wealth by July 2015 when panicked investors sold stocks, which created declines in the commodities markets, which in turn negatively impacted resource - producing countries like Canada. The Bank 's main priority has been to keep inflation at a moderate level. As part of that strategy, interest rates were kept at a low level for almost seven years. Since September 2010, the key interest rate ( overnight rate ) was 0.5 %. In mid 2017, inflation remained below the Bank 's 2 % target, ( at 1.6 % ) mostly because of reductions in the cost of energy, food and automobiles ; as well, the economy was in a continuing spurt with a predicted GDP growth of 2.8 percent by year end. Early on 12 July 2017, the bank issued a statement that the benchmark rate would be increased to 0.75 %. `` The economy can handle very well this move we have today and of course you need to preface that with an acknowledgment that of course interest rates are still very low, '' Governor Stephen Poloz subsequently said. In its press release, the bank had confirmed that the rate would continue to be evaluated at least partly on the basis of inflation. `` Future adjustments to the target for the overnight rate will be guided by incoming data as they inform the bank 's inflation outlook, keeping in mind continued uncertainty and financial system vulnerabilities. '' Poloz refused to speculate on the future of the economy but said, `` I do n't doubt that interest rates will move higher, but there 's no predetermined path in mind at this stage ''. Key industries In 2012, the Canadian economy had the following relative weighting by industry, as percentage value of GDP : 12.34 Real estate and rental and leasing 10.86 Manufacturing 07.96 Mining, quarrying and oil or gas extraction 07.03 Health care and social assistance 06.90 Public administration 06.55 Finance and insurance 05.41 Wholesale trade 05.41 Retail trade 05.38 Educational services 05.21 Professional scientific and technical services 04.20 Transportation and warehousing 03.31 Information and cultural industries 02.58 Administrative and support, waste management and remediation services 02.46 Utilities 02.10 Accommodation and food services 02.04 Other services ( except public administration ) 01.59 Agriculture, forestry, fishing and hunting 00.76 Management of companies and enterprises 00.75 Arts, entertainment and recreation Service sector The Toronto - Dominion Centre in Toronto The service sector in Canada is vast and multifaceted, employing about three quarters of Canadians and accounting for 70 % of GDP. The largest employer is the retail sector, employing almost 12 % of Canadians. The retail industry is mainly concentrated in a small number of chain stores clustered together in shopping malls. In recent years, there has been an increase in the number of big - box stores, such as Wal - Mart ( of the United States ), Real Canadian Superstore, and Best Buy ( of the United States ). This has led to fewer workers in this sector and a migration of retail jobs to the suburbs. The second largest portion of the service sector is the business service and hire only a slightly smaller percentage of the population. This includes the financial services, real estate, and communications industries. This portion of the economy has been rapidly growing in recent years. It is largely concentrated in the major urban centres, especially Toronto, Montreal and Vancouver ( see Banking in Canada ). The education and health sectors are two of Canada 's largest, but both are largely under the influence of the government. The health care industry has been quickly growing, and is the third largest in Canada. Its rapid growth has led to problems for governments who must find money to fund it. Canada has an important high tech industry, and a burgeoning film, television, and entertainment industry creating content for local and international consumption ( see Media in Canada ). Tourism is of ever increasing importance, with the vast majority of international visitors coming from the United States. Though the recent strength of the Canadian Dollar has hurt this sector, other nations such as China have increased tourism to Canada. Casino gaming is currently the fastest - growing component of the Canadian tourism industry, contributing $5 billion in profits for Canadian governments and employing 41,000 Canadians as of 2001. Manufacturing Bombardier Aerospace is the 3rd largest manufacturer of commercial aircraft in the world. Pictured here is a CRJ - 900 airplane of Scandinavian Airlines ( Y - KFA ) built in Canada Bombardier is currently developing the Cseries family of aircraft to better compete with narrow - body aircraft from Airbus and Boeing. Pictured here is a CS300 prototype C - FFDK in testing Treemap of Canada 's goods exports in 2014 The general pattern of development for wealthy nations was a transition from a primary industry based economy to a manufacturing based one, and then to a service based economy. Canada did not escape this pattern - at its ( abnormally high World War II ) peak in 1944, manufacturing accounted for 29 % of GDP, declining to 15.6 % in 2005. Canada has not suffered as greatly as most other rich, industrialized nations from the pains of the relative decline in the importance of manufacturing since the 1960s. A 2009 study by Statistics Canada also found that, while manufacturing declined as a relative percentage of GDP from 24.3 % in the 1960s to 15.6 % in 2005, manufacturing volumes between 1961 and 2005 kept pace with the overall growth in the volume index of GDP. Manufacturing in Canada was especially hit hard by the financial crisis of 2007 -- 08. As of 2010, manufacturing accounts for 13 % of Canada 's GDP, a relative decline of more than 2 % of GDP since 2005. Central Canada is home to branch plants to all the major American and Japanese automobile makers and many parts factories owned by Canadian firms such as Magna International and Linamar Corporation. Central Canada today produces more vehicles each year than the neighbouring U.S. state of Michigan, the heart of the American automobile industry. Manufacturers have been attracted to Canada due to the highly educated population with lower labour costs than the United States. Canada 's publicly funded health care system is also an important attraction, as companies are exempt from the high health insurance costs US firms pay, though they are offset by corporate health care taxes. Much of the Canadian manufacturing industry consists of branch plants of United States firms, though there are some important domestic manufacturers, such as Bombardier Inc... This has raised several concerns for Canadians. Branch plants provide mainly blue collar jobs, with research and executive positions confined to the United States. Energy See also : Petroleum production in Canada Pumpjack pumping an oil well near Sarnia, Ontario Canada is one of the few developed nations that is a net exporter of energy -- in 2009 net exports of energy products amounted to 2.9 % of GDP. Most important are the large oil and gas resources centred in Alberta and the Northern Territories, but also present in neighbouring British Columbia and Saskatchewan. The vast Athabasca oil sands give Canada the world 's third largest reserves of oil after Saudi Arabia and Venezuela according to USGS. In British Columbia and Quebec, as well as Ontario, Saskatchewan, Manitoba and the Labrador region, hydroelectric power is an inexpensive and relatively environmentally friendly source of abundant energy. In part because of this, Canada is also one of the world 's highest per capita consumers of energy. Cheap energy has enabled the creation of several important industries, such as the large aluminium industries in British Columbia and Quebec. Historically, an important issue in Canadian politics is the interplay between the oil and energy industry in Western Canada and the industrial heartland of Southern Ontario. Foreign investment in Western oil projects has fueled Canada 's rising dollar. This has raised the price of Ontario 's manufacturing exports and made them less competitive, a problem similar to the decline of the manufacturing sector in the Netherlands. Also, Ontario has relatively fewer native sources of power. However, it is cheaper for Alberta to ship its oil to the western United States than to eastern Canada. The eastern Canadian ports thus import significant quantities of oil from overseas, and Ontario makes significant use of nuclear power. The National Energy Policy of the early 1980s attempted to force Alberta to sell low priced oil to eastern Canada. This policy proved deeply divisive, and quickly lost its importance as oil prices collapsed in the mid-1980s. One of the most controversial sections of the Canada - United States Free Trade Agreement of 1988 was a promise that Canada would never charge the United States more for energy than fellow Canadians. Agriculture Main article : Agriculture in Canada An inland grain terminal in Alberta Canada is also one of the world 's largest suppliers of agricultural products, particularly of wheat and other grains. Canada is a major exporter of agricultural products, to the United States and Asia. As with all other developed nations the proportion of the population and GDP devoted to agriculture fell dramatically over the 20th century. As with other developed nations, the Canadian agriculture industry receives significant government subsidies and supports. However, Canada has been a strong supporter of reducing market influencing subsidies through the World Trade Organization. In 2000, Canada spent approximately CDN $4.6 billion on supports for the industry. Of this, $2.32 billion was classified under the WTO designation of `` green box '' support, meaning it did not directly influence the market, such as money for research or disaster relief. All but $848.2 million were subsidies worth less than 5 % of the value of the crops they were provided for. Free trade Agreements Main article : Free trade agreements of Canada Canada Free - trade areas Free Trade Agreements in force Canada - U.S. Free Trade Agreement ( Signed 12 - Oct - 1987, entered into force 01 - Jan - 1989, later superseded by NAFTA ) North American Free Trade Agreement ( Entered into force 01 - Jan - 1994, includes Canada, U.S. and Mexico ) Canada - Israel Free Trade Agreement ( Entered into force 01 - Jan - 1997, modernization ongoing ) Canada - Chile Free Trade Agreement ( Entered into force 05 - Jul - 1997 ) Canada - Costa Rica Free Trade Agreement ( Entered into force 01 - Nov - 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 01 - Aug - 2009 ) Canada - Colombia Free Trade Agreement ( Signed 21 - Nov - 2008, entered into force 15 - Aug - 2011 ; Canada 's ratification of this FTA had been dependent upon Colombia 's ratification of the `` Agreement Concerning Annual Reports on Human Rights and Free Trade Between Canada and the Republic of Colombia '' signed on 27 - May - 2010 ) Canada - Jordan Free Trade Agreement ( Signed on 28 - June - 2009, entered into force 01 - Oct - 2012 ) Canada - Panama Free Trade Agreement ( Signed on 14 - May - 2010, entered into force 01 - April - 2013 ) Canada - South Korea Free Trade Agreement ( Signed on 11 - March - 2014, entered into force 01 - January - 2015 ) Free Trade Agreements concluded Trans - Pacific Partnership ( concluded 05 - October - 2015 ) Canada - Ukraine Free Trade Agreement ( concluded 14 - July - 2015 ) Comprehensive Economic and Trade Agreement ( concluded 05 - August - 2014 ) Ongoing Free trade Agreements negotiations Canada is negotiating bilateral FTAs with the following countries and trade blocs : Caribbean Community ( CARICOM ) Guatemala, Nicaragua and El Salvador Dominican Republic India Japan Morocco Singapore Andean Community ( FTA 's are already in force with Peru and Colombia ) Canada has been involved in negotiations to create the following regional trade blocks : Canada - Central American Free Trade Agreement Free Trade Area of the Americas ( FTAA ) Political issues Part of a series on the Economy of Canada Economic history of Canada Banking history Petroleum history Energy policy of Canada Canadian dollar Sectors Primary sector Agriculture Energy Petroleum Electricity Fishing Forestry Secondary sector Automotives Aerospace Tertiary sector Social programs Transportation Tourism Finance Central Bank Banking in Canada Stock exchanges Companies Companies listed on the TSX Economy by province Alberta Ontario Quebec Saskatchewan more... Economy by city Montreal Toronto Vancouver more... Relations with the U.S. Main article : Canada -- United States trade relations Canada and the United States share a common trading relationship. Canada 's job market continues to perform well along with the US, reaching a 30 - year low in the unemployment rate in December 2006, following 14 consecutive years of employment growth. Flags of Canada and the United States The United States is by far Canada 's largest trading partner, with more than $1.7 billion CAD in trade per day in 2005. In 2009, 73 % of Canada 's exports went to the United States, and 63 % of Canada 's imports were from the United States. Trade with Canada makes up 23 % of the United States ' exports and 17 % of its imports. By comparison, in 2005 this was more than U.S. trade with all countries in the European Union combined, and well over twice U.S. trade with all the countries of Latin America combined. Just the two - way trade that crosses the Ambassador Bridge between Michigan and Ontario equals all U.S. exports to Japan. Canada 's importance to the United States is not just a border - state phenomenon : Canada is the leading export market for 35 of 50 U.S. states, and is the United States ' largest foreign supplier of energy. Bilateral trade increased by 52 % between 1989, when the U.S. - Canada Free Trade Agreement ( FTA ) went into effect, and 1994, when the North American Free Trade Agreement ( NAFTA ) superseded it. Trade has since increased by 40 %. NAFTA continues the FTA 's moves toward reducing trade barriers and establishing agreed - upon trade rules. It also resolves some long - standing bilateral irritants and liberalizes rules in several areas, including agriculture, services, energy, financial services, investment, and government procurement. NAFTA forms the largest trading area in the world, embracing the 405 million people of the three North American countries. The largest component of U.S. - Canada trade is in the commodity sector. The U.S. is Canada 's largest agricultural export market, taking well over half of all Canadian food exports. Similarly, Canada is the largest market for U.S. agricultural goods, with nearly 20 % of American food exports going to its northern neighbour. Nearly two - thirds of Canada 's forest products, including pulp and paper, are exported to the United States ; 72 % of Canada 's total newsprint production also is exported to the U.S. At $73.6 billion in 2004, U.S. - Canada trade in energy is the largest U.S. energy trading relationship, with the overwhelming majority ( $66.7 billion ) being exports from Canada. The primary components of U.S. energy trade with Canada are petroleum, natural gas, and electricity. Canada is the United States ' largest oil supplier and the fifth - largest energy producing country in the world. Canada provides about 16 % of U.S. oil imports and 14 % of total U.S. consumption of natural gas. The United States and Canada 's national electricity grids are linked, and both countries share hydropower facilities on the western borders. While most of U.S. - Canada trade flows smoothly, there are occasionally bilateral trade disputes, particularly in the agricultural and cultural fields. Usually these issues are resolved through bilateral consultative forums or referral to World Trade Organization ( WTO ) or NAFTA dispute resolution. In May 1999, the U.S. and Canadian governments negotiated an agreement on magazines that provides increased access for the U.S. publishing industry to the Canadian market. The United States and Canada also have resolved several major issues involving fisheries. By common agreement, the two countries submitted a Gulf of Maine boundary dispute to the International Court of Justice in 1981 ; both accepted the court 's 12 October 1984 ruling which demarcated the territorial sea boundary. A current issue between the United States and Canada is the ongoing softwood lumber dispute, as the U.S. alleges that Canada unfairly subsidizes its forestry industry. In 1990, the United States and Canada signed a bilateral Fisheries Enforcement Agreement, which has served to deter illegal fishing activity and reduce the risk of injury during fisheries enforcement incidents. The U.S. and Canada signed a Pacific Salmon Agreement in June 1999 that settled differences over implementation of the 1985 Pacific Salmon Treaty for the next decade. Canada and the United States signed an aviation agreement during Bill Clinton 's visit to Canada in February 1995, and air traffic between the two countries has increased dramatically as a result. The two countries also share in operation of the St. Lawrence Seaway, connecting the Great Lakes to the Atlantic Ocean. The U.S. is Canada 's largest foreign investor and the most popular destination for Canadian foreign investments ; at the end of 2007, the stock of U.S. direct investment in Canada was estimated at $293 billion, while Canadian direct investment ( stock ) in the United States was valued at $213 billion. U.S. FDI accounts for 59.5 % of total foreign direct investment in Canada while Canadian FDI in the U.S. accounts for 10 % ( 5th largest foreign investor ). US investments are primarily directed at Canada 's mining and smelting industries, petroleum, chemicals, the manufacture of machinery and transportation equipment, and finance, while Canadian investment in the United States is concentrated in manufacturing, wholesale trade, real estate, petroleum, finance, and insurance and other services. Debt issue Central government debt The OECD reports the Central Government Debt as percentage of the GDP. In 2000 Canada 's was 40.9 percent, in 2007 it was 25.2 percent, in 2008 it was 28.6 percent and by 2010 it was 36.1 percent. The OECD reports net financial liabilities measure used by the OECD, reports the net number at 25.2 %, as of 2008, making Canada 's total government debt burden as the lowest in the G8. The gross number was 68 % in 2011. The CIA World Factbook, updated weekly, measures financial liabilities by using gross general government debt, as opposed to net federal debt used by the OECD and the Canadian federal government. Gross general government debt includes both `` intragovernmental debt and the debt of public entities at the sub-national level. '' For example, the CIA measured Canada 's public debt as 84.1 % of GDP in 2012 and 87.4 % of GDP in 2011 making it 22nd in the world. Household debt In March 2015 the International Monetary Fund reported that Canada 's high household debt was one of two vulnerable domestic areas in Canada 's economy ; the second is its overheated housing market. According to a July 2015 report by Laura Cooper, an economist with the RBC -- the largest financial institution in Canada -- `` outstanding household credit balances '' had reached $1.83 trillion. Canadian household credit growth had reached a peak in 2009 then plummeted to a cycle - low in late 2013. There was a quickened pace of growth in household debt in December 2012 and another in April and May 2015. Household debt in 2013 According to the August 2013 third annual Ipsos Reid Debt Poll only 24 per cent of Canadians were debt free in 2013 compared to 26 per cent in 2012. The average personal non-mortgage debt in 2013 was $15,920 up from $13,141 in 2012. According to an IPSOS chart produced in 2013 debt levels increased `` a staggering 35 per cent '' in Western Canada compared to 10 per cent in Eastern Canada since 2012 even before the Alberta floods. In Alberta in 2013 household debt rose 63 per cent to $24,271 per household from 2012 after the 2013 Alberta floods. In 2013 the average personal debt load in British Columbia was `` up 38 per cent to $15,549 ; '' in `` Manitoba and Saskatchewan, up 32 per cent to $16,145 ; '' in Ontario, `` up 13 per cent to $17,416, '' in Quebec up `` 3 per cent to $10,458 ; '' and in Atlantic Canada, `` up 12 per cent to $15,243. '' Household debt in 2014 Statistics Canada announced in December 2014 that Canada 's household debt - to - income ratio `` hit a record high in the third quarter of 2014, climbing to 162.6 percent from 161.5 percent in the second quarter. '' However `` household assets and net worth increased much faster than debt, '' with the national net worth at C $8.12 trillion in the third quarter of 2014, a increase of 2.8 percent from the second quarter. Also through the inflation - targeting policy of the Bank of Canada, interest rates are kept low improving the ability of households to service their debt. `` The debt - service ratio, or interest paid as a proportion of disposable income, fell to a record low 6.8 percent in the third quarter. '' Household debt in 2015 By 2015 according to the Globe and Mail, `` The total debt owed by all Canadians at the end of March 2015 was a record $1.8 - trillion with mortgage debt making up $1.29 - trillion. '' According to Philip Cross of the Fraser Institute, in May 2015, while the Canadian household debt - to - income ratio is similar to that in the US, however lending standards in Canada are tighter than those in the United States to protect against high - risk borrowers taking out unsustainable debt. Household debt, the amount of money that all adults in the household owe financial institutions, includes consumer debt and mortgage loans. Paul Krugman argued that by 2007 household debt in the United States, prior to the financial crisis, had reached 130 percent of household income. Krugman distinguished between the total domestic non-financial debt ( public plus private ) relative to GDP which is `` money we owe to ourselves '' and net foreign debt. Statistics Canada reported in March 2013 that `` credit - market debt such as mortgages rose to 165 % of disposable income, compared with 164.7 % in the prior three - month period '' in 2013 According to the IMF in 2012, `` Housing - related debt ( mortgages ) comprises about 70 percent of gross household debt in advanced economies. The remainder consists mainly of credit card debt and auto loans. '' Royal Bank of Canada 2016 Report As shown in the table below -- based on the RBC Economic and Financial Market Outlook March 11, 2016 report -- in Canada in 2015 -- while business investments decreased -- consumption, housing and government spending along with net exports contributed to a real GDP increase at a subpar 1.2 % pace. In December 2015 export volumes reached $1.2 billion -- the sixth time since 2010 with sales growing by such a large amount - evidence that the Canadian economy is transitioning. In November and December 2015, with the weakening in the Canadian dollar, manufacturing sales and exports increased and employment rose. Job losses in construction, mining, oil and gas were countered by gains in the service sector. Between early December, 2015 and mid-January the price of oil unexpectedly dropped 24 %. RBC economists argued that fear not fundamentals led the shift in financial conditions. Risk adverse investors contributed to a global double - digit decline in the first six weeks of 2016. In Canada, the US, UK and Euro - area yields on long - term government bonds reached an all - time low. As financial market volatility continued in March 2016 the Bank of Canada and Bank of England held their policy rate at 0.5 %. RBC Economic Forecast March 2016 Type 2014 YR 2015 YR Q1 2015 Q2 2015 Q3 2015 Q4 2015 Household consumption 2.6 1.9 0.6 1.9 2.2 1.0 * Durables 4.3 3.3 - 5.6 5.1 10.3 1.7 * Semi-Durables 3.1 2.4 0.2 3.0 1.2 2.6 * Non-durables 2.4 0.7 2.7 - 2.9 1.7 - 1.0 * Services 2.3 2.1 1.2 3.3 0.8 1.5 NPISH consumption 0.2 1.4 - 5.3 6.7 - 0.9 - 0.1 Government expenditures 0.3 1.4 3.8 2.4 0.1 1.5 Government Fixed investment 2.1 2.6 2.8 0.5 - 1.8 - 5.1 Residential investment 2.5 3.9 5.9 1.3 2.7 1.8 Non-residential investment 0.0 - 8.8 - 19.4 - 13.0 - 10.1 - 12.4 * Non-residential structures - 0.4 - 12.7 - 27.7 - 12.8 - 11.7 - 14.6 * Machinery and equipment 1.0 - 1.3 - 2.1 - 13.4 - 7.5 - 9.0 Intellectual property - 4.2 - 12.6 - 32.4 - 12.5 - 6.4 - 4.7 Final domestic demand 1.6 0.5 - 1.5 0.1 10.8 - 2.2 Exports 5.3 3.0 - 0.6 - 0.1 10.8 - 2.2 Imports 1.8 0.1 0.5 - 1.7 - 2.4 - 8.9 Inventories ( change in $ b ) 9.9 4.5 12.7 8.4 1.1 - 4.0 Real gross domestic product 2.5 1.2 - 0.9 - 0.4 2.4 0.8 See also Canada portal Book : Canada Canada 's Global Markets Action Plan Comparison of Canadian and American economies Economy of Alberta Economy of Ontario Economy of Quebec Economy of Saskatchewan Free trade agreements of Canada History of the petroleum industry in Canada List of Median household income of cities in Canada List of Commonwealth of Nations countries by GDP List of Canadian provinces and territories by gross domestic product List of companies of Canada Taxation in Canada Trans - Pacific Partnership Transport in Canada Tourism in Canada Notes Jump up ^ The OECD produces an annual report on member nations who share the goal of `` contributing to the development of the world economy '' by attaining the `` highest sustainable economic growth and employment and a rising standard of living while maintaining financial stability. '' References ^ Jump up to : International Monetary Fund. `` Report for Selected Countries and Subjects : Canada ''. Retrieved October 1, 2017. Jump up ^ `` Gross domestic product, income and expenditure, second quarter 2017 ''. Government. StatsCanada. 31 August 2017. Jump up ^ `` Consumer Price Index, August 2017 ''. Statistics Canada. Retrieved 29 March 2017. Jump up ^ Persons in low income before tax ( In percent, 2007 to 2011 ) Jump up ^ `` Income Distribution and Poverty ''. OECD. Stat ( database ). Retrieved 6 January 2016. Jump up ^ `` Labor force, total ''. World Bank. World Bank. Retrieved 2 September 2016. Jump up ^ `` Statistics Canada : Canada 's - Unemployment rate ''. Statcan.gc.ca. Retrieved 2017 - 08 - 19. Jump up ^ `` Payroll employment, earnings and hours, July 2017 ''. Statistics Canada. Jump up ^ `` Ease of Doing Business in Canada ''. Doingbusiness.org. Retrieved November 24, 2017. ^ Jump up to : `` Canada - WTO Statistics Database ''. World Trade Organization. Retrieved 1 March 2017. Jump up ^ `` Country Fact Sheets 2016 ''. unctad.org. Retrieved 5 July 2017. Jump up ^ `` Canada 's balance of international payments, second quarter 2017 ''. Statcan.gc.ca. Retrieved 2017 - 09 - 28. Jump up ^ `` Statistics Canada ''. Retrieved 2017 - 07 - 09. Jump up ^ The World Factbook Jump up ^ The World Factbook Jump up ^ `` Development aid rises again in 2016 but flows to poorest countries dip ''. OECD. 2017 - 04 - 11. Retrieved 2017 - 09 - 25. Jump up ^ `` Sovereigns rating list ''. Standard & Poor 's. Retrieved 14 January 2012. Jump up ^ `` Moody 's Affirms Canada 's Aaa Rating ; Maintains Stable Outlook ''. Moody 's Investors Service. 2016 - 11 - 02. Retrieved 2017 - 09 - 23. Jump up ^ `` Fitch - Complete Sovereign Rating History ''. Retrieved 2013 - 02 - 25. Jump up ^ ( 1 ) Jump up ^ IMF - Canada Jump up ^ `` Actual hours worked per week by industry, seasonally adjusted crack ''. Statistics Canada. Archived from the original on 2008 - 11 - 03. Jump up ^ Anthony, Craig ( 12 September 2016 ). `` 10 Countries with the Most Natural Resources ''. Investopedia. Jump up ^ James, Patrick ( 2008 ). Canadian Studies in the New Millennium. University of Toronto Press. p. 310. ISBN 9780802094681. Jump up ^ Damian Kahya & Richard Anderson ( November 29, 2011 ). `` Oil sands battle between Canada and EU ''. BBC News. Jump up ^ Robson Fletcher ( May 30, 2016 ). `` Canada 's energy superpower status threatened as world shifts off fossil fuel, federal think - tank warns ''. CBC News. Jump up ^ Kazi Islam and Patrick Adams ( June 29, 2010 ). `` Natural resource wealth, 1990 to 2009 ''. Statistics Canada. Jump up ^ ( 2 ) Archived May 12, 2013, at the Wayback Machine. Jump up ^ `` Aquaculture Canada : Facts and Figures ''. Dfo-mpo.gc.ca. 2011 - 02 - 02. Archived from the original on 2012 - 06 - 15. Retrieved 2013 - 02 - 01. Jump up ^ `` Canada 's Entertainment Software Industry In 2011 A Report Prepared For The Entertainment Software Association Of Canada '' ( PDF ). Archived from the original ( PDF ) on May 7, 2013. Retrieved February 5, 2016. ^ Jump up to : Global Systems by David J Rees with Michael G Jones, Chapter 4, ISBN 0 - 919913 - 74 - 1 Jump up ^ Central Intelligence Agency ( 2006 - 05 - 16 ). `` The World Factbook : Canada ''. Central Intelligence Agency. Retrieved 2007 - 05 - 06. Jump up ^ Forbes ( 2008 - 04 - 02 ). `` Latest release ''. Forbes. Retrieved 2006 - 07 - 01. ^ Jump up to : `` Exports of goods on a balance - of - payments basis, by product ''. Statistics Canada. Archived from the original on 2011 - 11 - 02. Jump up ^ `` Imports, exports and trade balance of goods on a balance - of - payments basis, by country or country grouping ''. Statistics Canada. Archived from the original on 2006 - 06 - 18. Jump up ^ Canada 's Private to Public ( Crown ) Property Ratio is 60 : 40. 2006 exports / imports ^ Jump up to : `` Gross domestic product at basic prices, by industry ( monthly ) ''. Statistics Canada. Archived from the original on 2011 - 04 - 28. Jump up ^ Howlett, Michael and M. Ramesh. Political Economy of Canada : An Introduction. Toronto : McClelland and Stewart, 1992. Jump up ^ `` Labour force characteristics, seasonally adjusted, by province ( monthly ) ( Newfoundland and Labrador, Prince Edward Island, Nova Scotia, New Brunswick ) ''. Statistics Canada. StatCan. Retrieved 2017 - 08 - 19. Jump up ^ `` Labour force characteristics, seasonally adjusted, by province ( monthly ) ( Quebec, Ontario, Manitoba ) ''. Statistics Canada. StatCan. Retrieved 2017 - 08 - 19. Jump up ^ `` Labour force characteristics, seasonally adjusted, by province ( monthly ) ( Saskatchewan, Alberta, British Columbia ) ''. Statistics Canada. StatCan. Retrieved 2017 - 08 - 19. ^ Jump up to : ' OECD Compendium of Productivity Indicators 2012 ( Report ). OECD. 2012. page 3 Jump up ^ Labour productivity levels in the total economy ( Report ). 2011. Retrieved 12 June 2013. ^ Jump up to : David Parkinson ( 9 July 2015 ), IMF again cuts Canada 's growth forecast ahead of interest rate decision, The Globe and Mail, retrieved 6 August 2015 Jump up ^ `` As economy shrinks, real estate now accounts for half of all GDP growth ''. Retrieved 2016 - 09 - 27. Jump up ^ OECD Economic Surveys Canada June 2012 Overview ( PDF ) ( Report ). Organization for Economic Co-operation and Development. 2012. Archived ( PDF ) from the original on 2013 - 08 - 13. ^ Jump up to : Blake, ed. ( 2007 ), Transforming the Nation : Canada and Brian Mulroney ^ Jump up to : Monetary Policy Report ( PDF ) ( Report ). 15 July 2015. Retrieved 6 August 2015. Jump up ^ Inflation - Control Target Backgrounder ( PDF ), Bank of Canada, November 2010 ^ Jump up to : Jeremy Torobin, Bill Curry ( 16 October 2011 ), Bank of Canada to get marching orders to look beyond inflation targeting, Ottawa, Ontario : The Globe and Mail access - date = requires url = ( help ) CS1 maint : Uses authors parameter ( link ) Jump up ^ Monetary Policy Report ( Report ). Bank of Canada. April 2009. access - date = requires url = ( help ) ^ Jump up to : Bank of Canada lowers overnight rate target to 1 / 2 per cent, Bank of Canada, retrieved 6 August 2015 Jump up ^ After rate cut Canada PMs office says global woes hit economy, Daily Mail UK, 15 July 2015, retrieved 7 August 2015 Jump up ^ Chris Sorensen, Aaron Hutchins ( July 15, 2015 ), How Canada 's economy went from boom to recession so fast : An in - depth look at the perfect storm that pushed Canada into recession, Macleans, retrieved 8 August 2015 CS1 maint : Uses authors parameter ( link ) Jump up ^ http://www.bankofcanada.ca/rates/indicators/key-variables/inflation-control-target/ Jump up ^ https://www.bloomberg.com/news/articles/2017-07-12/the-bank-of-canada-shows-it-s-the-federal-reserve-of-the-north Jump up ^ https://www.bloomberg.com/news/articles/2017-07-12/bank-of-canada-raises-benchmark-rate-to-0-75-key-takeaways Jump up ^ https://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-interest-rate-decision/article35662991/ Jump up ^ http://ca.reuters.com/article/businessNews/idCAKBN19X1V5-OCABS Jump up ^ https://www.reuters.com/article/us-usa-fed-yellen-idUSKBN19X1MX Jump up ^ http://www.ctvnews.ca/business/boc-hikes-interest-rate-for-first-time-in-seven-years-1.3499141 Jump up ^ `` CIA World Factbook - Canada ''. Cia.gov. Retrieved 2011 - 02 - 22. Jump up ^ Wallace, Iain, A Geography of the Canadian Economy. Don Mills : Oxford University Press, 2002. Jump up ^ Gasher, Mike ( 2002 ). Hollywood North the feature film industry in British Columbia. Vancouver : UBC Press. ISBN 978 - 0774809689. Jump up ^ MacLaurin, Tanya ; MacLaurin, Donald ( 2003 ). `` Casino gaming and tourism in Canada ''. International Journal of Contemporary Hospitality Management. MCB UP Ltd. 15 ( 6 ) : 328 -- 332. doi : 10.1108 / 09596110310488177. Jump up ^ `` Manufacturing 's share of gross domestic product, 1900 to 2005 ''. Statistics Canada. Jump up ^ `` Manufacturing share of gross domestic product, 1961 to 2007 ''. Statistics Canada. Jump up ^ `` The Canadian Manufacturing Sector : Adapting to Challenges ''. Statistics Canada. Jump up ^ Environment Canada - Energy Consumption Archived February 22, 2004, at the Wayback Machine. Jump up ^ `` Canada vs. The OECD : An Environmental Comparison ''. Environmentalindicators.com. Retrieved 2011 - 02 - 22. Jump up ^ `` Resource - based Industries and High - tech Manufacturing - Goods Sector - Major Industries - A Guide to the BC Economy and Labour Market ''. Guidetobceconomy.org. Archived from the original on 7 September 2011. Retrieved 2011 - 11 - 02. Jump up ^ Canadian, The ( 2011 - 10 - 04 ). `` Aluminum heavyweights to make $15 - billion Quebec investment ''. Canadian Manufacturing. Archived from the original on 13 October 2011. Retrieved 2011 - 11 - 02. Jump up ^ Lee Greenberg ( 2011 - 07 - 20 ). `` Growing Equalization Payments to Ontario Threaten Country ''. National Post. Jump up ^ Michel Beine ; Charles S. Bos ; Serge Coulombe ( January 2009 ). `` Does the Canadian economy suffer from Dutch Disease ? '' ( PDF ). Archived from the original ( PDF ) on 2011 - 11 - 17. Jump up ^ `` The Relative Position of Canada in the World Grain Market ''. Dsp-psd.pwgsc.gc.ca. 2002 - 10 - 02. Retrieved 2011 - 02 - 22. Jump up ^ `` Canada 's Free Trade Agreements ''. International.gc.ca. Retrieved 2013 - 12 - 18. ^ Jump up to : `` Canada 's Free Trade Agreements ''. International.gc.ca. Jump up ^ The Canadian Press ( 2011 - 02 - 24 ). `` Canada, Japan study free - trade pact ''. CBC News. Retrieved 2011 - 02 - 28. Jump up ^ `` The Daily, Friday, January 5, 2007. Labour Force Survey ''. Statcan.ca. 2007 - 01 - 05. Archived from the original on 28 May 2008. Retrieved 2011 - 02 - 22. Jump up ^ `` Imports, exports and trade balance of goods on a balance - of - payments basis, by country or country grouping ''. 0.statcan.gc.ca. 2011 - 02 - 11. Archived from the original on 2011 - 04 - 28. Retrieved 2011 - 02 - 22. Jump up ^ FTDWebMaster, ( Name of person creating HTML ). `` FTD - Statistics - Trade Highlights - Top Trading Partners ''. Census.gov. Retrieved 2011 - 02 - 22. Jump up ^ FTDWebMaster, FTD Data Dissemination. `` FTD - Statistics - Country Data - U.S. Trade Balance with European Union ''. Census.gov. Retrieved 2011 - 02 - 22. Jump up ^ FTDWebMaster, FTD Data Dissemination. `` FTD - Statistics - Country Data - U.S. Trade Balance with South and Central America ''. Census.gov. Retrieved 2011 - 02 - 22. Jump up ^ Agriculture and Agri - Food Canada / Agriculture et Agroalimentaire Canada Archived September 28, 2006, at the Wayback Machine. Jump up ^ `` The Pacific Salmon Treaty : The 1999 Agreement and Renegotiated Annex IV ''. EveryCRSReport.com. May 5, 2009. Jump up ^ `` HowStuffWorks `` The St. Lawrence Seaway '' ``. Geography.howstuffworks.com. 2008 - 03 - 30. Retrieved 2011 - 02 - 22. Jump up ^ ( 3 ) Archived July 6, 2011, at the Wayback Machine. Jump up ^ `` Foreign Direct Investment in the United States : An Economic Analysis '' ( PDF ). Retrieved 2011 - 02 - 22. Jump up ^ `` The Canada - U.S. trade and investment partnership ''. Canadainternational.gc.ca. 2008 - 10 - 28. Archived from the original on 2012 - 07 - 22. Retrieved 2011 - 02 - 22. Jump up ^ `` Overview of Canadian Foreign Direct Investment ( PRB - 0833E ) ''... parl.gc.ca. 2008 - 06 - 17. Archived from the original on 2 May 2010. Retrieved 2011 - 02 - 22. ^ Jump up to : Central Government Debt ( Report ). OECD. 2011. Retrieved 13 June 2013. Jump up ^ `` Fiscal balances and public indebtedness OECD Economic Outlook ''. Find Articles. 2011 - 10 - 27. Archived from the original on 2012 - 07 - 10. Retrieved 2011 - 11 - 02. Jump up ^ `` CIA - The World Factbook ''. Cia.gov. Retrieved 13 June 2013. Jump up ^ International Monetary Fund, 9 March 2015 Missing or empty title = ( help ) ; access - date = requires url = ( help ) ^ Jump up to : Cooper, Laura ( July 2015 ). July 2015 ( PDF ) ( Report ). Canadian Credit. RBC Economics. Retrieved 7 August 2015. Jump up ^ `` Canadian consumer debt levels up 21 %, RBC survey shows : Many Canadians say they have postponed purchases to keep spending in check '', CBC News, 29 October 2013 access - date = requires url = ( help ) Jump up ^ `` RBC Debt Omni 2013 '' ( PDF ), Ipsos ( 13 - 059755 ) Jump up ^ Canadians paying off their debt the good old - fashioned way -- spending less : RBC poll : Financial Fitness regime is the key to healthy spending, Toronto, Ontario, 29 October 2013, retrieved 7 August 2015 ^ Jump up to : Philip Cross ( May 2015 ), A Longer - term Perspective on Canada 's Household Debt ( PDF ), retrieved 7 August 2015 ^ Jump up to : Canada household debt - to - income ratio hits a record high, Ottawa, Ontario : Reuters, 15 December 2014, retrieved 7 August 2015 Jump up ^ Alexandra Posadzki ( 15 December 2015 ), Household Debt In Canada Hits Record 162.6 % Of Income After StatsCan Revisions, Canadian Press via Huffington Post, retrieved 7 August 2015 Jump up ^ Danielle Webb ; Tavia Grant ( 8 May 2015 ), Debt : Canada 's borrowing binge : Canada 's households now owe a record $1.8 - trillion, The Globe and Mail, retrieved 7 August 2015 Jump up ^ Paul Krugman ( 13 December 2010 ). `` Block those Metaphors ''. New York Times. Retrieved 13 June 2013. Jump up ^ Krugman, Paul ( 2011 - 12 - 28 ). `` Debt Is ( Mostly ) Money We Owe to Ourselves ''. The New York Times. Jump up ^ Greg Quinn Bloomberg News ( 15 March 2013 ). `` Canadians turns deaf ear to Carney 's warnings as household debt hits fresh record at 165 % ''. Financial Post. Retrieved 13 June 2013. Jump up ^ Dealing with household debt ( PDF ) ( Report ). International Monetary Fund IMF. April 2012. ^ Jump up to : Wright, Craig ; Desjardins, Dawn ; Ferley, Paul ; Janzen, Nathan ( March 2016 ). Fear versus Fundamentals ( PDF ). RBC ( Report ). Economic and Financial Market Outlook. Toronto, Ontario. Retrieved 14 March 2016. Further reading Main article : Bibliography of Canadian economic history Howlett, Michael and M. Ramesh. Political Economy of Canada : An Introduction. Toronto : McClelland and Stewart, 1992. Wallace, Iain, A Geography of the Canadian Economy. Don Mills : Oxford University Press, 2002. `` OECD Economic Surveys : Canada 2010 '', Organización para la Cooperación y Desarrollo Económicos, Paris : OECD economic surveys, 2010, ISBN 978 - 92 - 64 - 08325 - 7 Baldwin, John Russel ( 2003 ), Innovation and knowledge creation in an open economy, Cambridge University Press, ISBN 0 - 521 - 81086 - 8 Easterbrook, William Thomas ; Aitken, Hugh G. J ( 1988 ). Canadian Economic History. University of Toronto Press. ISBN 0 - 8020 - 6696 - 8. Hessing, Melody ; Michael Howlett, Tracy Summerville ( 2005 ), Canadian natural resource and environmental policy, UBC Press, ISBN 9780774851459 Kealey, Gregory S ( 1995 ), Workers and Canadian history, McGill - Queen 's University Press, ISBN 0 - 7735 - 1352 - 3 Levi, Michael A ( 2009 ), The Canadian oil sands : energy security vs. climate change, Council on Foreign Relations, Center for Geoeconomic Studies, ISBN 978 - 0 - 87609 - 429 - 7 Lipsey, Richard G ; Alice Nakamura, Canada. Industry Canada ( 2006 ), Services industries and the knowledge - based economy, University of Calgary Press, ISBN 1 - 55238 - 149 - 8 Pomfret, Richard ( 1981 ), `` The Economic Development of Canada '', revised 2005, Routledge, ISBN 978 - 0 - 415 - 37976 - 2 Quarter, Jack ; Laurie Mook, Ann Armstrong ( 2009 ), Understanding the Social Economy : A Canadian Perspective, University of Toronto Press, ISBN 978 - 0 - 8020 - 9695 - 1 Tavidze, Albert ( 2007 ), Progress in Economics Research, Volume 12, Gardners Books, ISBN 978 - 1 - 60021 - 720 - 3 External links Wikimedia Commons has media related to Economy of Canada. Statistics Canada Department of Finance Canada Bank of Canada Canada - OECD Canada profile at the CIA World Factbook Canada profile at The World Bank Economy of Canada General topics Advance Commercial Information Bay Street Branch plant economy CHRP ( Designation ) Canada Development Corporation Canadian Agreement on Internal Trade Canadian public debt Canadian transfer payments Credit Institute of Canada Crow Rate Economic impact of immigration to Canada Comparison of Canadian and American economies Equalization payments in Canada Federal Contractors ' Program Federal financing for small businesses in Canada International rankings of Canada LLQP Land ownership in Canada Great Recession in the Americas Montreal Exchange NAFTA superhighway NASDAQ Canada National Child Benefit National Round Table on the Environment and the Economy Oil reserves in Canada Canadian Payroll Association List of Canadian provinces and territories by gross domestic product Canada Savings Bond Canadian Securities Course Security and Prosperity Partnership of North America Student Connections Student Connections Red River College 3rd Summit of the Americas System for Electronic Document Analysis and Retrieval Industry Athabasca oil sands Automotive industry in Canada Nuclear industry in Canada Tax Canadian import duties List of tariffs in Canada Taxation in Canada Labour Canadian labour law Minimum wage in Canada Social Union Framework Agreement Social welfare in Canada Indices Canadian Index of Consumer Confidence International rankings of Canada Links related to Economy of Canada Asia - Pacific Economic Cooperation ( APEC ) Nations Australia Brunei Canada Chile China Hong Kong 1 Indonesia Japan South Korea Malaysia Mexico New Zealand Papua New Guinea Peru Philippines Russia Singapore Chinese Taipei 2 Thailand United States Vietnam Summits 1991 1995 1998 1999 2000 2002 2003 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2016 2017 Other APEC Business Travel Card APEC blue APEC Climate Center APEC Youth Science Festival 1. A special administrative region of China, participates as `` Hong Kong, China '' ; 2. Officially the Republic of China, participates as `` Chinese Taipei '' Organisation for Economic Co-operation and Development ( OECD ) History Convention on the Organisation for Economic Co-operation and Development OECD Anti-Bribery Convention Guidelines Multinational Enterprises Testing of Chemicals World Trade Organization System Accession and membership Appellate Body Dispute Settlement Body International Trade Centre Chronology of key events Issues Criticism Doha Development Round Singapore issues Quota Elimination Peace Clause Agreements General Agreement on Tariffs and Trade Agriculture Sanitary and Phytosanitary Measures Technical Barriers to Trade Trade Related Investment Measures Trade in Services Trade - Related Aspects of Intellectual Property Rights Government Procurement Information Technology Marrakech Agreement Doha Declaration Bali Package Ministerial Conferences 1st ( 1996 ) 2nd ( 1998 ) 3rd ( 1999 ) 4th ( 2001 ) 5th ( 2003 ) 6th ( 2005 ) 7th ( 2009 ) 8th ( 2011 ) 9th ( 2013 ) 10th ( 2015 ) People Roberto Azevêdo ( Director - General ) Pascal Lamy Supachai Panitchpakdi Alejandro Jara Rufus Yerxa Members Afghanistan Albania Algeria Angola Antigua and Barbuda Argentina Armenia Australia Bahrain Bangladesh Barbados Belize Benin Bolivia Botswana Brazil Brunei Burkina Faso Burma Burundi Cambodia Cameroon Canada Cape Verde Central African Republic Chad Chile China Colombia Democratic Republic of the Congo Republic of the Congo Costa Rica Côte d'Ivoire Cuba Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Fiji Gabon The Gambia Georgia Ghana Grenada Guatemala Guinea Guinea - Bissau Guyana Haiti Honduras Hong Kong Iceland India Indonesia Israel Jamaica Japan Jordan Kazakhstan Kenya South Korea Kuwait Kyrgyzstan Laos Lesotho Liberia Liechtenstein Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Mauritania Mauritius Mexico Moldova Mongolia Montenegro Morocco Mozambique Namibia Nepal New Zealand Nicaragua Niger Nigeria Norway Oman Pakistan Panama Papua New Guinea Paraguay Peru Philippines Qatar Russia Rwanda St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines Samoa Saudi Arabia Senegal Seychelles Sierra Leone Singapore Solomon Islands South Africa Sri Lanka Suriname Swaziland Switzerland Tajikistan Taiwan Tanzania Thailand Togo Tonga Trinidad and Tobago Tunisia Turkey Uganda Ukraine United Arab Emirates United States Uruguay Venezuela Vietnam Yemen Zambia Zimbabwe European Union Austria Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden United Kingdom Special administrative regions of the People 's Republic of China, participates as `` Hong Kong, China '' and `` Macao China ''. Officially the Republic of China, participates as `` Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu '', and `` Chinese Taipei '' in short. North American Free Trade Agreement ( NAFTA ) Canada Mexico United States Economy of Canada ( by province or territory ) Provinces Alberta British Columbia Manitoba New Brunswick Newfoundland and Labrador Nova Scotia Ontario Prince Edward Island Quebec Saskatchewan Territories Northwest Territories Nunavut Yukon Book Portal WikiProject Economy of North America Sovereign states Antigua and Barbuda Bahamas Barbados Belize Canada Costa Rica Cuba Dominica Dominican Republic El Salvador Grenada Guatemala Haiti Honduras Jamaica Mexico Nicaragua Panama Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Trinidad and Tobago United States Dependencies and other territories Anguilla Aruba Bermuda Bonaire British Virgin Islands Cayman Islands Curaçao Greenland Guadeloupe Martinique Montserrat Puerto Rico Saint Barthélemy Saint Martin Saint Pierre and Miquelon Saba Sint Eustatius Sint Maarten Turks and Caicos Islands United States Virgin Islands Retrieved from `` https://en.wikipedia.org/w/index.php?title=Economy_of_Canada&oldid=816089464 '' Categories : Economy of Canada Organisation for Economic Co-operation and Development member economies World Trade Organization member economies Hidden categories : Webarchive template wayback links Pages using citations with accessdate and no URL CS1 maint : Uses authors parameter Pages with citations lacking titles All articles with dead external links Articles with dead external links from December 2016 Articles with permanently dead external links Use Canadian English from September 2017 All Wikipedia articles written in Canadian English Use mdy dates from September 2017 Articles containing potentially dated statements from July 2017 All articles containing potentially dated statements All articles with unsourced statements Articles with unsourced statements from November 2013 Articles with unsourced statements from March 2009 Articles with unsourced statements from July 2011 Articles with unsourced statements from September 2007 Articles with unsourced statements from February 2007 Articles with unsourced statements from May 2007 Talk Contents About Wikipedia Asturianu বাংলা Български Català Čeština Dansk Deutsch Español فارسی Français Galego Ido Italiano Lietuvių मराठी Bahasa Melayu 日本 語 Occitan Português Română Русский Suomi Türkçe Українська Tiếng Việt ייִדיש 中文 Edit links This page was last edited on 19 December 2017, at 05 : 21. Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia ® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. About Wikipedia

Question: how much of canada's gdp is oil
Answer: 2.9%