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| Capital city: |
Ottawa |
| Surface area: |
9,971,000 sq km |
| Population: |
32.9 million |
| Official language(s): |
English, French |
| Head of State: |
H.M. Queen Elizabeth II, represented by Governor-General H.E. The Rt. Hon. Michaëlle Jean |
| Head of Government: |
Prime Minister The Rt. Hon. Stephen Joseph Harper |
| Australian exports to Canada: |
A$1,623 million |
| Australian imports from Canada: |
A$2,188 million |
| Canada's principal export destinations: |
USA, UK, China |
| Canada's principal import sources: |
USA, China, Mexico | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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A member of the G8, Canada is one of the world’s larger and generally more open economies. Canada’s economic outlook continues to be positive, despite the setback in 2008 of recession occasioned by the economic slowdown in the US. Canadian Government and central bank forecasts suggest a rapid return to growth at the beginning of 2010, should the US economy improve. Canada’s underlying fundamentals remain strong because of years of growth, low inflation and budgetary discipline. Canada’s banks remain well capitalised, only marginally affected by sub-prime assets and continue to lend. Canada’s fiscal year is from 1 April to 31 March.
Key economic indicators and statistics for 2008:
- GDP – US$1,564.1 billion
- GPD per capita – US$47,073
- Real GDP declined 0.8 per cent in the fourth quarter; growth for the year was positive at 0.5 per cent, a sharp deceleration from 2.7 per cent in 2007
- Inflation – 1.4 per cent
(Source: Austrade Toronto; Govt of Canada stats 4th qtr 2008 and Department of Foreign Affairs and Trade - Country economic fact sheet) |
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The government is a loosely based federal system, with three northern territories (Northwest, Nunavut and Yukon) and 10 provincial governments:
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland
- Nova Scotia
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
Provinces have jurisdiction on a wide range of matters including direct taxation, health care, education, municipal government, property and civil right. |
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Trade relations and statistics
Since the implementation of the North American Free Trade Agreement, exports to the USA have grown strongly.
Canada also:
- Has free trade agreements with Chile and Israel.
- Is pursuing a Free Trade Area of the Americas.
- Is currently negotiating free trade agreements with the European Free Trade Association countries (Iceland, Liechtenstein, Switzerland, and Norway), Costa Rica, Central America and Singapore and has commenced (Oct 08) negotiations with the EU.
- To date Australia has not pursued a free trade agreement with Canada.
Canada is a member of the World Trade Organization and Cairns Group of agricultural exporters. The latter advocate free trade and support a strong rules-based multilateral trading system.
The North American Free Trade Agreement was signed in 1994 between Canada, Mexico, and the USA. All non-tariff barriers to agricultural trade between Canada and the USA were eliminated. In addition, many tariffs were eliminated immediately, with others being phased out by 1998 for goods originating in Canada. It also strives to promote fair competition, increased investment, to protect and enforce intellectual property rights, and to increase cooperation between the countries.
Major Australian exports to Canada (2007-08):
- Alcoholic beverages – A$264 million
- Passenger motor vehicles – A$73 million
- Medicaments (including veterinary) – A$68 million
- Non-ferrous waste and scrap – A$54 million
Major Australian imports from Canada (2007-08):
- Aircraft, spacecraft and parts – A$174 million
- Meat (excluding beef) – A$127 million
- Sulphur and iron pyrites – A$99 million
- Pumps (excluding liquid pumps) and parts – A$93 million
Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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