Economy Stats: Canada vs. the US
The United States and Canada have the status of developed countries, indicating their economies are strong. But the US tops the world economy ranking list, while Canada settles for a place in the top ten. This guide analyzes and discovers the differences between the two economies!
Top 10 Canada Economy Stats & Facts
Canada belongs to developed countries and the top ten world economies.
With an estimated GDP of USD1.64 trillion, Canada’s share of global GDP is 1.7%.
Public debt in Canada is above 117% of the country’s GDP.
Canada’s GDP is 12 times lower than the USA’s, despite the country being only about eight times smaller.
GDP per capita growth in Canada was 4% in 2021.
Canada had a 5.4% unemployment rate in July 2022.
The average tax burden in Canada is 33.5% of the overall domestic income.
Median weekly earnings in Canada are USD850.
Canada has a high quality of life rating set at 82.
Wholesale and retail trade employ over 2.8 million people in Canada.
General Canada Economic Stats
The global economy is going through turbulent times. While the 6.1% growth rate in 2021 showed signs of recovery, the International Monetary Fund estimates it will drop to only 3.6% in 2022. How is the Canadian economy handling this? Here are the top statistics regarding this country’s economic profile.
Canada Participates in the World GDP With 1.7%
The country’s GDP was approximately USD1.64 trillion in 2020. That puts Canada among only 16 countries that contribute to the world GDP with over 1%. While that’s commending, it’s still far from the USA. That country accounted for 21.61% of the world GDP in 2020, which is more than a fifth.
( Global Economy )
Government Spending is Lower Than Before, but the Public Debt is Still Above 117% of the GDP
The 2022 Index of Economic Freedom puts Canada’s overall score above the world averages and positions it as the first among 32 countries in the Americas. Government spending in 2022 is about 39.6% of the total GDP, which is less than 44.9% of the total output in the last three years. However, the public debt is still 117.8% of the country’s GDP.
Canada Economic Trends
Canadian government improved judicial effectiveness and monetary freedom during the last few years. Is that enough to boost economic development? Here are some notable statistics for this country.
GDP Per Capita Growth Was 4% in 2021, but It’s Hard to Predict the Trend
Canada had annual GDP per capita growth set of 4% in 2021. It’s a true recovery sign, especially since there was a 6.3% drop in 2020. And Canadian per capita growth had another 4% drop in 2009. From then, it was a steady increase that never went above 2%. If the global conditions remain optimal, the odds are GDP growth will stay positive in the coming years, but it’s hard to predict the exact trend.
( World Bank )
The Unemployment Rate is Down by 1.5% in Less Than 12 Months
Turbulent times led to the unemployment rate increasing to 6.9% in September 2021. However, the Canadian government took the necessary moves, and the rate dropped to 5.4% in July 2022. It was even under 5% during May and June, so we can expect it to stay around 5%.
US vs. Canada Economy Stats
The Organization for Economic Co-operation and Development (OECD) reports that Canada has productivity levels about 18% lower than its best performers, including the US. But how does that affect the economy? Here are the crucial comparing stats between the two countries!
The US Has a Population Eight Times Bigger Than Canada, and 12 Times Bigger GDP
The United States has a population estimated at 325 million, while Canada has 37.9 million residents. That’s roughly 8.5 times more people contributing to the US GDP, which is over USD 20 trillion. Canadian GDP is only USD 1.64 trillion, which is about 12 times less. Even the five-year average of GDP growth is higher in the United States – 2.4% compared to 1.9% in Canada.
( Georank )
Monthly Salaries Cover the Cost of Living in Both Countries
The monthly wage after tax in Canada is USD 3,381. Considering the estimated cost of living per individual is USD 1,832, it’s more than enough to cover it. It’s similar in the United States, with the monthly salary estimated at USD 4,139 and the cost of living at USD 2,112. However, the overall quality of life is somewhat better in Canada. The ratings are 82:75 in favor of this country.
( Living Cost )
Stats Around Industries in Canada
The average tax burden in Canada is 33.5% of the total domestic income. Let’s check interesting statistics regarding the labor force in Canada!
Average Weekly Earnings Are Over USD 1,000 in the United States, but Only USD 850 in Canada
According to Statistics Canada, the average weekly earnings in July 2022 were CAD 1,163, which is roughly USD 850. But the Bureau of Labor Statistics reports that the average weekly earnings of full-time workers in the US were USD 1,041 in the second quarter of 2022. While Canada offers decent salaries to employees, it still can’t compare to the ones they’d have in the US.
Wholesale and Retail Trade Employ the Majority in Canada
The estimation is that 2.82 million employees are in wholesale and retail trade. The healthcare and social assistance industries are a close second with 2.55 million workers. Manufacturing, educational services, construction, finance, and related industries, as well as public administration, are also industries with over a million employees.
( Statista )
