Search for "Gross Domestic Product (GDP)"

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Pacific Rim Trade Deal Takes Effect

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect after being renegotiated due to the United States’ withdrawal from the deal in 2016. The free trade deal is expected to add $4.2 billion per year to Canada’s GDP and increase Canada’s annual exports to Japan by $1.8 billion. It is expected to be especially beneficial to Canada’s pork, beef and sugar industries, while Canada’s dairy and steel industries have been critical of the pact.

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Macroeconomics

Macroeconomics is a field of economics that studies economic behaviour in the aggregate, or as a whole. It investigates economic issues such as employment, national income, price inflation and international trade. By contrast, microeconomics studies the behaviour of individuals and firms in allocating scarce resources.

Macroeconomics emerged in the 1930s as a separate field largely in response to the Great Depression. Macroeconomists often use aggregate measures to study the structure and behaviour of the entire economy. Some of those measures include gross domestic product (GDP), unemployment rate, interest rates, economic growth rates and price indices (see Consumer Price Index). This branch of economics is closely tied to government policy, especially fiscal policy (government spending with the aim of stimulating the economy) and monetary policy (policies related to the supply of money). Developments in macroeconomic theory often affect the monetary policies of central banks, such as the Bank of Canada and the United States’ Federal Reserve, that in turn have an impact on the cost of living and economic stability around the world.

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Growth in Canada’s Clean Energy Sector Outpacing Rest of Economy, Study Finds

A study conducted by Clean Energy Canada, a think tank at Simon Fraser University, found that the clean energy sector represented about 3 per cent of Canada’s GDP in 2017. Between 2010 and 2017, it grew at a rate of around 5 per cent annually, compared to 3.6 per cent growth in the overall economy. The number of jobs in the sector increased by 2.2 per cent per year from 2010 to 2017, compared to 1.4 per cent for total jobs in Canada.

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Canada to Spend a Record $308 Billion on Health Care in 2021

A report issued by the Canadian Institute for Health Information (CIHI) concluded that Canada would spend $308 billion on health care in 2021, due to the costs of the COVID-19 pandemic. The CIHI said that the rate of health care spending was the highest in more than 30 years. The expenditure was expected to equal more than 12 per cent of Canada’s gross domestic product (GDP) in 2021.

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Canada and the Digital Economy

The digital economy is the economic activity conducted through digital technologies such as the Internet. It is also called the Internet economy, the new economy or the web economy. Many scholars see the digital economy as the fourth industrial revolution. As of 2013, it consumed approximately 10 per cent of the world’s electricity. Many of the world’s biggest companies operate in the digital economy. A growing number of Canadians depend on it for their livelihood. In 2017, nearly 5 per cent of all jobs in Canada were in the digital economy. The gross domestic product (GDP) connected to it represented 5.5 per cent of Canada’s total economy — a bigger percentage than mining or oil and gas extraction. However, the often-hidden infrastructure of the digital economy brings new threats to the environment. The rise of cryptocurrencies could also dramatically change how people buy and sell things.

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Exports from Canada

Exports are goods or services that residents of one country sell to residents of another country. Since its earliest days, Canada’s economic prosperity has relied on exports to larger markets; first through its colonial ties to Britain and later due to its geographic proximity to the United States. Billions of dollars of goods and services cross Canada’s border each year. (See International Trade.) Exports make up about a third of Canada’s gross domestic product (GDP). In 2019, Canadians exported $729 billion worth of goods and services. Almost 75 per cent of Canada’s total exports go to the United States. (See Canada-US Economic Relations.) Other major markets include the European Union, China and Japan.

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Imports to Canada

In international trade, imports refer to goods and services purchased by Canadian residents from residents of other countries. Billions of dollars of goods and services cross Canada’s border each year. In 2019, Canadians imported a total of $768 billion worth of goods and services. Canada’s largest source of imports by far is the United States. (See Canada-US Economic Relations.) The European Union, China and Mexico are also major sources of imported goods and services.