Canada’s economy has been growing steadily for years, with a GDP growth of 1.2% in 2016 that jumped up to 3.04% in 2017. Belonging to the G7, Canada economy is considered one of the largest in the world, together with the other 6 major economic powers (Germany, US, France, Italy, Japan, and the UK) that together represent 67% of the world’s economic wealth.
Canada has also grown prosperous and become one of the strongest economies on a global scale with a GDP of 1.67tn in 2016. With a population of 36.3m and a rich, abundant source of natural resources that pulled in C$180,339bn in Gross Domestic Product for 2017. As a result, Canada can compete on an international level with some of the biggest and most affluent countries in the world.
Foreign investment in Canada has also been on the rise, partially thanks to the election of Donald Trump as the US president. Many foreigner investors have seen Canada as a safer investment with similar economic conditions to the US and consequently, foreign investment in Canada has grown to C$9,76bn in 2017.
Canada also has a steady interest rate of 1% and an inflation rate of 1.4% for 2017, which has assisted in helping consumer spending in the country itself. Currently Canada’s GDP per capita is sitting at a healthy C$50,232 for 2017.
Canada’s Industries are supported by a thriving manufacturing sector, retail, film industry and foreign trade and many more. The graph below shows some of the biggest markets in Canada and how much percentage of the GNP each of them contribute to the economy.
For those who migrate to Canada for financial reasons like employment, investment or lifestyle and more, there are so many opportunities for foreign immigrants to take advantage of Canada’s booming economy.