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A table listing total GDP (expenditure-based), share of Canadian GDP, population, and per capita GDP in 2023. For illustrative purposes, market income (total income less government transfers) [1] per capita from tax returns is included. (The per capita, rather than per tax filer, measure is chosen for comparability with GDP per capita.)
The economy of Canada is a highly developed mixed economy, [33] [34] [35] the world's ninth-largest as of 2024, and a nominal GDP of approximately US$2.117 trillion. [6] Canada is one of the world's largest trading nations, with a highly globalized economy. [36] In 2021, Canadian trade in goods and services reached $2.016 trillion. [37]
The United States GDP was $24.8 trillion in 2021. [4] The United States has the largest economy globally and Canada ranks 9th at US$2.015 trillion. [5] The US share of the global market economy estimated at US$79.98 trillion, was c. 25% in 2018, which is down from 35% in 2005. [6]
This article lists countries alphabetically, with total government expenditure as percentage of Gross domestic product (GDP) for the listed countries. Also stated is the government revenue and net lending/borrowing of the government as percentage of GDP. All Data is based on the World Economic Outlook Databook of the International Monetary Fund.
Analysis by Oxford Economics estimated that 25% tariffs implemented across all sectors and predicted retaliatory tariffs would cause Canada's GDP to fall by 2.5% by early 2026, increase its inflation rate to 7.2% by mid-2025, and increase its unemployment rate to 7.9% by the end of 2025 due to an estimated 150,000 layoffs.
As shown in the table below, PEI's population is less than 1% of the Canadian total, while Ontario's population is close to 40%. Alberta's GDP per capita is 41% higher than the national average while PEI's is roughly 24% lower—Alberta's GDP per capita is 185% that of PEI yet the average personal income in Alberta is 159% that of PEI.
Ontario is the largest economy in Canada, making up around 38% of Canadian GDP. [1] [2] Though manufacturing plays an important role in Ontario's economy responsible for 12.6% of Ontario's GDP, the service sector makes up the bulk, 77.9%, of the economy. [3] Ontario's net debt-to-GDP ratio will rise to 40.7% in the year 2019–2020. [4]
GDP (PPP) means gross domestic product based on purchasing power parity. This article includes a list of countries by their forecast estimated GDP (PPP). [2] Countries are sorted by GDP (PPP) forecast estimates from financial and statistical institutions that calculate using market or government official exchange rates.