Canada is widely respected and admired as a country, and for good reason. It is a parliamentary democracy in which all major parties promote and promote political and economic stability. The “strong and independent True North” also boasts prestigious universities, vast natural beauty, a publicly funded healthcare system, cultural diversity, two official languages, and a reputation for peacekeeping and diplomacy.
These factors have contributed to Canada’s global reputation as a safe haven for investors, as the country is supported by a stable financial system that fosters innovation. As a result, Canada has achieved the status of a global economic powerhouse.
In other words, Canada is much more than maple syrup and hockey. But don’t worry, this roundup of Canadian economic data briefly addresses both.
Although Canada’s economy is resilient for much of 2020, it is showing some worrying signs that mirror the economies of many countries. In particular, inflation and the housing market are areas of concern.
Below you will find Canadian economic data that every citizen should be proud of.
Canada Facts and Figures: Teacher’s Choice
- 57.5% of Canada’s population has an advanced education degree.
- Canada has the third largest oil reserves in the world.
- The Toronto Stock Exchange is ranked the 12th largest in the world.
- The Canadian dollar is the seventh most traded currency in the world.
- Hockey is an 11 billion dollar industry.
Statistics and facts about the Canadian economy for 2023
1. Canada is the eighth largest economy in the world
Canada ranks as the eighth largest economy in the world based on nominal GDP estimates of $2.24 trillion (IMF) and $1.98 trillion (World Bank). However, the purchasing power parity is correcting, with Canada dropping down to the 15th largest economy in the rankings.
2. Canada’s equalization program will transfer $94.6 billion directly from Ottawa to the provinces
Under Canada’s equalization program, the federal government $94.6 billion will be transferred to provinces and territories in 2023-2024. The purpose of the equalization program is to address tax disparities between “non-existent” provinces and to provide additional cash flow to sustain economic activity and growth.
3. Canada has the highest percentage of its population with high educational attainment of all G7 countries
Canada has the highest proportion of working-age people with a college or university degree at 57.5% of all G7 countries. This educational advantage was particularly useful in the early days of the pandemic, as remote work became the norm and educated people were better able to face economic challenges.
Here’s an interesting fact about the Canadian economy: Educated workers boast higher employment rates and earnings in 2021 than in 2016.
4. The service sector accounts for about 70% of the Canadian economy.
Canada’s economy is primarily driven by the service sector, which accounts for 70.5% of the country’s GDP. Additionally, the sector provides four out of five jobs in Canada.
5. Canada has the third largest oil reserves in the world
Canada holds about 9.7% of the world’s total oil reserves, which is about 168 billion barrels of oil. This makes Canada the world’s third-richest oil country, after Saudi Arabia (297 billion barrels) and Venezuela (303 billion barrels).
6. 75% of total exports go to USA
Canada’s total merchandise exports increased 22.1% from 2020 to $777.1 billion, with 75% going to the United States. Of course, Canada benefits from sharing the world’s longest unprotected border with the world’s largest economy.
7. The Toronto Stock Exchange (TSX) is the 12th largest stock exchange in the world by market capitalization.
As of February 16, 2023, the Toronto Stock Exchange (TSX) had a total market capitalization of approximately C$3.4 trillion (US$2.76 trillion), making it the 12th largest stock market in the world. Not far from entering the TSX top 10, the tenth place is currently held by the Saudi Stock Exchange (Tadawul) with a market capitalization of $2.86 trillion.
8. The TSX index performed roughly in line with the Dow in 2022
In 2022, the S&P/TSX Composite Index posted an 8.5% decline, comparable to the Dow Jones Index’s 8.88% loss. However, the TSX’s performance was better than the S&P 500’s 19.4% loss and the Nasdaq’s 33% decline.
9. The Canadian dollar fell for the first time since 2018
The Canadian dollar (CAD/USD), also known as the loonie, has fallen 6.8% against the US dollar in 2022 and is currently trading at $0.74. This marks the first annual decline since 2018. However, the decline has benefited Canadians who have invested in US assets.
10. The Canadian dollar is the seventh most traded currency in the world
The Canadian dollar is the seventh most traded currency in the world. In April 2022, the Canadian dollar accounted for 6.2% of the total volume, compared to 5.0% in April 2019.
11. The Bank of Canada raises interest rates by 1,700% in 2022
The Bank of Canada has implemented seven interest rate hikes in 2022, raising the policy rate from 0.25% in March 2022 to 4.5% in January 2023. This marks the year of the most aggressive hikes in history.
12. Canada’s inflation ranks worst among all developed countries
Excluding Russia, Brazil, Argentina and Turkey, Canada’s inflation rate in 2022 is the highest among the G20 group of developed and emerging economies. Inflation rates in the G20. The country’s inflation rate is set to reach 6.8% in 2022, a 40-year low.
13. Canada’s economy is the 14th freest in the world.
Canada is ranked as the 14th freest economy in the world Fraser Institute Economic Freedom of the World Report. The index takes into account factors such as size of government, freedom and restrictions on international trade.
14. Canada is a member of G7, G20 and OECD.
Canada is a member of the Group of Seven industrialized nations (G7), the Group of Twenty (G20) major economies, and the Organization for Economic Co-operation and Development (OECD). A seat at the table means Canada has a platform to defend its economic interests and priorities like free trade and environmental sustainability.
15. Canada has signed 15 free trade agreements
Canada has signed 15 free trade agreements with 51 countries, the most notable of which is the Canada-US-Mexico Agreement (CUSMA), which replaced the North American Free Trade Agreement (NAFTA). These free trade agreements cover 1.5 billion consumers.
16. Canada has experienced six recessions since the end of World War II
Canada remains a global economic powerhouse, but it is not immune to recession. Canada has experienced six setbacks in recent history. These include the 1957 recession, 1981-1982 recession, 1990-1991 recession, 2001 recession, 2008-2009 Great Recession and 2020 Covid-19 recession.
17. There are 4.4 million businesses in Canada
Second Statistics CanadaCanada has 1,336,336 businesses with employees and 3,021,567 businesses without employees, each generating at least $30,000 in revenue at the end of 2022.
18. Canada’s shadow economy is estimated at 2.7% of total GDP
By 2021, Canada’s shadow economy is estimated at $68.5 billion, which is 2.7% of the country’s GDP. The primary driver of this growth was an 18% increase in underground economic activity associated with investment in residential facilities.
19. Average hourly wages in Canada increase by 4% in 2022
In 2022, the average hourly wage in Canada will increase by 4% from $30.67 to $31.96. The utility industry had the highest average hourly wage at $47.86, while the lodging and food service industry had the lowest at $18.50 an hour.
20. 15% of Canadians earn more than $100,000 a year
The median household income in Canada is just over $75,000 per year, with 15% of the population earning over $100,000 per year. To be considered in the top 1% of earners, a worker must earn at least $512,000 per year.
21. Average housing cost has decreased by 18% in January 2023
As of January 2023, the median home price in Canada was down 18% year over year to $612,204. Real estate transactions also fell 58% year-over-year to just 20,931, resulting in home sales starting the year at a new 14-year low.
22. Canada’s housing affordability is at its lowest level since the 1980s
According to National Bank of Canada, a typical household in Canada needs 67.3% of a worker’s salary to cover its debt. Invezz’s rough calculation, including council tax, electricity and other costs, paints a more worrying picture of the housing market.
23. Canada accounts for nearly 75% of the world’s maple syrup production
No Canadian statistical article makes a compelling mention of its most precious treasure: maple syrup. Canada, the world’s largest producer of maple syrup, accounts for about 71% of world production. In 2020, Canadian maple syrup producers produced a record 13.2 million gallons (49.7 million liters) of syrup. Fun fact: About 3,000 tons of maple syrup worth about $19 million were stolen in 2011 and 2012 as part of the largest heist in Canadian history.
24. Hockey is an 11 billion dollar industry
What’s more Canadian than maple syrup? Hockey. According to a 2015 study, hockey is an $11 billion industry that plays a large role in small communities. The study shows that cities and towns with populations of less than 100,000 generate more than $1 billion in tourism revenue.
Despite facing some challenges in recent years, Canada’s economy has shown resilience and continues to grow. Government efforts to promote innovation, investment and trade have contributed to this growth, as has the country’s highly skilled workforce and diverse range of industries.
Going forward, it will be interesting to see how the Canadian economy continues to evolve and adapt to changing global circumstances. However, with a solid foundation and commitment to sustainable development, Canada is well positioned to meet all challenges and opportunities.
If you find any of the statistics above useful and would like to include them in your own article, please cite Invezz.com as the source
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