The economy of Canada ranks as the ninth-largest by nominal GDP in the world, with a GDP of $1.5 trillion CAD as of 2020.
The Bank of Canada is the country’s central bank, which is responsible for maintaining financial stability and overseeing monetary policy.
The history of Canada’s economy charts a journey from an indigenous hunting and farming society, with the trading of items such as fur and beaver pelts, through to urbanisation and industrialisation following the arrival of European settlers in the 16th century. Although, like many developed nations, the country’s economy today is dominated by services, Canada’s natural resources such as oil, natural gas, timber, and various minerals make the country’s primary sector of key importance.
Its economy also boasts a strong commercial fishing and seafood industry as well as being a leader in entertainment software. Canada’s export trade accounts for some $390 billion, with the largest trading partner being the US, accounting for $338.2 billion of that figure. China is a distant second, importing $18.8 billion of goods from Canada. On the imports side, Canada relies on the US for 51.3% of its imports, numbering $222 billion in 2020.