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Economy of Canada

Canada is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Canada is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Canada exports around $458.7 billion and imports roughly $471 billion. 6.4% of population in the country are unemployed. The total number of unemployed people in Canada is 2,365,041. In Canada, 9% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Canada is low, indicating that it has a stable economy. Investors should consider Canada to be a safe location for investments and other financial ventures. Government expenditure on education is 4.9% of GDP. The Gini Index of the country is 32.1. Canada is experiencing good equality. The majority of citizens in Canada fall within a narrow range of income, although some cases may show significant differences. Canada has a Human Development Index (HDI) of 0.902. Canada has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Canada is 1.287. Due to strong law enforcement presence and high social responsibility, Canada is very safe by international standards. The strength of legal rights index for Canada is 9. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Canada is Canadian dollar. The plural form of the word Canadian dollar is dollars. The symbol used for this currency is $, and it is abbreviated as CAD. The Canadian dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for Canada is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Canada has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Canada has a credit rating score of AAA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Canada has a credit rating score of Aaa, and the prospects of this rating are stable.

Central bank

The prime lending rate of Canada's commercial banks is 3. In Canada, the institution that manages the state's currency, money supply, and interest rates is called Bank of Canada. Locally, the central bank of Canada is called Banque du Canada. The average deposit interest rate offered by local banks in Canada is 0.6%.

Public debt

Canada has a government debt of 49.6% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Canada is set at 15%. Personal income tax ranges from 0% to 50%, depending on your specific situation and income level. VAT in Canada is 13%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Canada is $1595975 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Canada was last recorded at $43 million. PPP in Canada is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Canada is 1,838,964 billion. Based on this statistic, Canada is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Canada. The Gross Domestic Product (GDP) per capita in Canada was last recorded at $50 million. The average citizen in Canada has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Canada averaged 2.3% in 2014. According to this percentage, Canada is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Canada.

Industry

Major industries in the country are transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum, natural gas. The total labor force of Canada is 20,033,730 people, wherein 6.4% of population in the country are unemployed. The total number of unemployed people in Canada is 2,365,041. The Industrial Production growth rate of Canada is 5.8%.To read more about industrial information within Canada click on industry of Canada.

Agriculture

There are 415573 km2 of arable land in Canada, and it comprises 4% of the country's total territory. There are 474681 km2 of cultivated land in Canada. The country's major agricultural crops and products are wheat, barley, oilseed, tobacco, fruits, vegetables, dairy products, forest products, fish.To read more about agriculture click on agriculture of Canada.