GDP is an important factor in reflecting the health of economy of a country. The best way to understand the economic growth and the position of a country is by knowing its GDP. The top countries by GDP are United States, China, Japan, Germany closely followed by United Kingdom, France & India. Italy, Brazil and Canada complete the rank wise top ten list. Here is the list of the top 10 countries in the World by nominal GDP in 2016.
With a population of more than 35 million people, Canada has a total GDP of 1,462.330 billion USD.
It stands 10th in the list of countries ranked according to GDP and is a member of the Organization for Economic Co-operation and Development (OECD) and Group of Seven (G7). Canada is one of the wealthiest nations in the world with $46,528 as GDP per capita.
Three quarters of the population is employed in service industry. Canada has a total coastline of 202,080 km which makes it a good place for commercial fishing and seafood industry in the world. It ranks 8th in commercial fishing and seafood.
United States and China are the main export partners of the country forming 79.12% of the total exports. Its exports accounted for $523.904 billion in 2015. The primary export goods are motor vehicle and parts, industrial machinery and aircraft. United Sates and China are the main import partners as well with close to 75% of the total imports. Canada imports machinery and equipment, motor vehicles and parts, crude oil etc. Its total import was $547.874 billion in 2015.
The service industry accounts for 78% of the GDP of Canada. It accounted for $8952742.46 million in 2016 February which was $895098.01 million in January 2016. Around 12% of Canadian population is working in retail sector. Manufacturing is the next biggest contributor to the GDP of Canada accounting for 12% of the GDP with a value of $ 135750.78 million. Energy and Agriculture are the other main industries contributing to the GDP of Canada.
The GDP of Canada is growing at .20% which is expected to grow at .5% by 2020. The country has an unemployment rate of 7.1%.Canada's trade deficit was recorded $ 2.59 billion in March 2016. Exports fell 4.8% and imports went down at a slower 2.4%.Canada has corporate tax rate of 26.50% and personal income tax rate at 29%. The sales tax rate in Canada is 5%.