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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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 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.