Indicators of economy in Canada

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in Canada 2020. Overall, gross domestic product in 2020 fell from 1.742 trillion US dollars to 1.645 trillion US dollars. With a drop of 5.5 percent, the economy in Canada suffered more significant losses than other countries. The unemployment rate rose from 5.7 to 9.5 percent. The country's gross debt increased by 25.1 percent. The inflation rate fell from 1.9 percent previously to 0.7 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 1.988 trillion US dollars (=114.1% of 2019).

Income and purchasing power

The average monthly income in Canada is 4,026 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. Compared with the United States, however, prices for daily consumer goods are around 2.5 percent higher. If you compare income and price levels, the result is a more expensive life in Canada than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 33.6 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Canada ranked 15th in 2022 with 50.8 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 64 originate from Canada. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 46: RBC (Montreal)
Rank 52: TD Bank Group (Toronto)
Rank 60: Ford Motor (Oakville)
Rank 76: The Home Depot (Toronto)
Rank 83: Brookfield Asset Management (Toronto)
Rank 89: Bank of Nova Scotia (Toronto)
Rank 117: Bank of Montreal (Montreal)
Rank 131: Manulife (Toronto)
Rank 144: Enbridge (Calgary)
Rank 189: Canadian Imperial Bank (Toronto)

Development of gross domestic product in billions of USD 1960 - 2021

Household debt and deficits 2021

Imports and Exports 2022

Development of imports and exports in billions of USD 1970 - 2022