Economy of Canada

The economy of Canada is a highly developed mixed economy, with the world's ninth-largest economy , and a nominal GDP of approximately . It is one of the world's largest trading nations, with a highly globalized economy. In 2021, Canadian trade in goods and services reached $2.016 trillion. Canada's exports totalled over$637 billion, while its imported goods were worth over $631 billion, of which approximately$391 billion originated from the United States. In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of$25 billion. The Toronto Stock Exchange is the eleventh-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over . Canada has a strong cooperative banking sector, with the world's highest per-capita membership in credit unions. It ranks low in the Corruption Perceptions Index (14th in 2023) and "is widely regarded as among the least corrupt countries of the world". It ranks high in the Global Competitiveness Report (14th in 2019) and Global Innovation Indexes (15th in 2022). Canada's economy ranks above most Western nations on The Heritage Foundation's Index of Economic Freedom and experiences a relatively low level of income disparity. The country's average household disposable income per capita is "well above" the OECD average. Canada ranks among the lowest of the most developed countries for housing affordability and foreign direct investment. 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 countries, the Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce. Among developed countries, Canada has an unusually important primary sector, of which the forestry and petroleum industries are the most prominent components.