Canada is the world's eleventh-largest economy as of 2015, with a nominal GDP of approximately US$1.79 trillion.It is a member of the Organisation for Economic Co-operation and Development (OECD) and the Group of Eight ,and is one of the world's top ten trading nations, with a highly globalized economy.Canada is a mixed economy, ranking above the US and most western European nations on the Heritage Foundation's index of economic freedom,and experiencing a relatively low level of income disparity. The country's average household disposable income per capita is over US$23,900, higher than the OECD average. Furthermore, the Toronto Stock Exchange is the seventh largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$2 trillion as of 2015.
In 2014, Canada's exports totalled over C$528 billion, while its imported goods were worth over $523 billion, of which approximately $349 billion originated from the United States, $49 billion from the European Union, and $35 billion from China. The country's 2014 trade surplus totalled C$5.1 billion, compared with a C$46.9 billion surplus in 2008.
Since the early 20th century, the growth of Canada's manufacturing, mining, and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one. Like many other developed nations, the Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce. However, Canada is unusual among developed countries in the importance of its primary sector, in which the logging and petroleum industries are two of the most prominent components.
Canada is one of the few developed nations that are net exporters of energy.Atlantic Canada possesses vast offshore deposits of natural gas, and Alberta also hosts large oil and gas resources. The vastness of the Athabasca oil sands and other assets results in Canada having a 13% share of global oil reserves, comprising the world's third-largest share after Venezuela and Saudi Arabia.Canada is additionally one of the world's largest suppliers of agricultural products; the Canadian Prairies are one of the most important global producers of wheat, canola, and other grains.Canada's Ministry of Natural Resources provides statistics regarding its major exports; the country is a leading exporter of zinc, uranium, gold, nickel, aluminum, steel, iron ore, coking coal andlead. Many towns in northern Canada, where agriculture is difficult, are sustainable because of nearby mines or sources of timber. Canada also has a sizeable manufacturing sector centred in southern Ontario and Quebec, with automobiles and aeronautics representing particularly important industries.
Canada's economic integration with the United States has increased significantly since World War II. The Automotive Products Trade Agreement of 1965 opened Canada's borders to trade in the automobile manufacturing industry. In the 1970s, concerns over energy self-sufficiency and foreign ownership in the manufacturing sectors prompted Prime Minister Pierre Trudeau's Liberal government to enact the National Energy Program (NEP) and the Foreign Investment Review Agency (FIRA).In the 1980s, Prime Minister Brian Mulroney's Progressive Conservatives abolished the NEP and changed the name of FIRA to "Investment Canada", to encourage foreign investment. The Canada – United States Free Trade Agreement (FTA) of 1988 eliminated tariffs between the two countries, while the North American Free Trade Agreement (NAFTA) expanded the free-trade zone to include Mexico in 1994. In the mid-1990s, Jean Chrétien's Liberal government began to post annual budgetary surpluses, and steadily paid down the national debt.
The global financial crisis of 2008 caused a major recession, which led to a significant rise in unemployment in Canada. By October 2009, Canada's national unemployment rate had reached 8.6 percent, with provincial unemployment rates varying from a low of 5.8 percent in Manitoba to a high of 17 percent in Newfoundland and Labrador. Between October 2008 and October 2010, the Canadian labour market lost 162,000 full-time jobs and a total of 224,000 permanent jobs.Canada's federal debt was estimated to total $566.7 billion for the fiscal year 2010–11, up from $463.7 billion in 2008–09. In addition, Canada's net foreign debt rose by $41 billion to $194 billion in the first quarter of 2010.However, Canada's regulated banking sector (comparatively conservative among G8 nations), the federal government's pre-crisis budgetary surpluses, and its long-term policies of lowering the national debt, resulted in a less severe recession compared to other G8 nations. As of 2015, the Canadian economy has largely stabilized and has seen a modest return to growth, although the country remains troubled by volatile oil prices, sensitivity to theEurozone crisis and higher-than-normal unemployment rates. The federal government and many Canadian industries have also started to expand trade with emerging Asian markets, in an attempt to diversify exports; Asia is now Canada's second-largest export market after the United States. Widely debated oil pipeline proposals, in particular, are hoped to increase exports of Canadian oil reserves to China.