Market Intel

Canada, the vast expanse of land that is the largest in North America, stands as the world's second-largest country, with only Russia surpassing its landmass. With its broad territory, it's intriguing to note that Canada's total population is approximately 37.7 million, a modest number considering its size. The majority of Canadians opt for urban living, with cities clustered predominantly in the southern belt, hugging the U.S. border. As of 2019, Toronto claims the title of Canada's most populous city with 6.2 million residents, while Ottawa, the capital, holds the fifth position, housing 1.4 million citizens. The pandemic-induced economic turmoil saw Canada's unemployment rate spike to a record high of 13.7% in May 2020. While the subsequent months witnessed a gradual decline, by the close of 2020, it still stood at 8.6%. Canadian residents enjoy one of the world's top life expectancies, averaging 82.25 years as of 2017. The country's governance is unique; it melds a federal parliamentary democracy with a constitutional monarchy, headlined by King Charles III. The Governor-General of Canada, representing the King, holds the highest official rank, followed closely by the head of government. Notably, Canada's political stability is globally recognized, ranking third after Norway and Denmark. A founding member of the United Nations and a member of NATO, the World Trade Organization, the G20, and the OECD, Canada firmly plants its feet in the global political and economic arena. Its linguistic diversity is evident, with both French and English holding official status. Regional languages, including those of First Nations like Inuktitut, Chipewyan, and Cree, are also acknowledged. Economically, Canada's high-tech industrial society ranks among the world's affluent, ensuring a top-tier living standard for its residents. Despite the pandemic's economic setback in 2020, resulting in a GDP contraction of 5.162%, Canada's GDP per capita impressively touched nearly 44 thousand U.S. dollars. The same year, the average inflation rate was logged at 0.62%. Canada's industrial might spans across various sectors, including chemicals, minerals, food, wood, and paper products. The nation stands as the third-largest holder of oil reserves globally, trailing only Saudi Arabia and Venezuela. Additionally, its agricultural prowess yields wheat, barley, oilseed, tobacco, fruits, vegetables, dairy products, fish, and distinctively Canadian forest products like maple syrup. The U.S. remains Canada's principal trade ally, but the nation has been diligently expanding its economic ties with Europe and Asia. Canada's major imports encompass machinery, equipment, motor vehicles and parts, crude oil, chemicals, and electricity. In contrast, its export roster features motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment, chemicals, petroleum, and natural gas.