NORTH AMERICA — CANADA HANDOUT

NOTE: All information and data gathered are based on reports from the year 2023..

● ‌Gross Domestic Product (GDP)

Canada’s GDP was steadily rising over the last 5 years. Last recorded GDP in
2022 is worth over $2.14 trillion. Canada has recovered faster despite the 2-year
economic disaster due to COVID in 2019. Currently, the GDP rose over 3.1% in 2023.
However, the growth was expected to decline due to the elevated inflation and energy
prices.

● ‌GDP Growth Rate

In 2023, the GDP growth increased in the first and second quarter of the year.
However, it contracted in the third quarter due to the higher interest rate of the bank of
Canada that was transmitted to the government. The Canadian GDP growth decreased
over 0.3% largely due to the 25% slump in foreign sales of refined petroleum energy,
while imports of goods and services also declined by over 0.2%. Other industries also
didn’t increase significantly, leaving the economy into a stand-still. Ultimately, the annual
GDP growth of the year 2023 for the Canadian economy declined over 1.1%, despite
the expected growth of 0.2% in GDP values.

● ‌Consumer spending

Consumer Spending in Canada increased to 1330398 CAD Million in the third

quarter of 2023 from 1330082 CAD Million in the second quarter of 2023. Consumer
Spending in Canada averaged 629703.22 CAD Million from 1961 until 2023, reaching
an all time high of 1330398.00 CAD Million in the third quarter of 2023 and a record low
of 182407.00 CAD Million in the first quarter of 1961.

● ‌Exchange rate

In 2023, the USD to CAD exchange rate fluctuated throughout the year. The
highest exchange rate occurred on October 28th, reaching 1.3881 CAD per USD, which
was the best rate for those looking to exchange USD for CAD. Conversely, the lowest
exchange rate was recorded on July 13th at 1.311 CAD per USD, representing the least
favorable rate during the year. On average, the exchange rate for 2023 was 1.3501
CAD per USD, providing a general indication of the currency's performance over the
year.‌

● GDP per capita

In 2022, the Gross Domestic Product per capita of Canada was last measured at
44928.59 US dollars. Canada's GDP per capita is 356 percent of the global average.
Between 1981 and 2022, Canada's GDP per capita averaged 37138.82 USD, with a
peak of 45113.07 USD in 2019 and a record low of 27001.67 USD in 1982.

● ‌Gross National Product (GNP)

In the third quarter of 2023, Canada's Gross National Product climbed to

2864704 CAD million from 2821656 CAD million in the second quarter. From 1961 to
2023, Canada's gross national product averaged 916203.97 CAD million. It peaked at
2864704.00 CAD million in the third quarter of 2023 and fell to a record low of 39924.00
CAD million in the first quarter of 1961.

● ‌Stock Market

A contract for difference (CFD) that tracks the benchmark index from Canada
shows that since the start of 2024, the main stock market index in Canada (CATSX) has
risen 51 points, or 0.24%. In the past, in April 2022, the Canada Stock Market Index
(TSX) hit an all-time high of 22213.07. The Canada Stock Market Index (TSX) was last
updated on February 11, 2024. It includes data, forecasts, and a historical chart.

● ‌Interest rate

In May 2023, Canada's short-term interest rate for 3-month Treasury Bills stood
at 4.590% pa, while the long-term rate for 10-year Government Benchmark Bonds was
3.180% pa. The cash rate, reflecting the overnight target rate, was set at 4.500% pa.
These figures indicate the prevailing borrowing costs and monetary policy decisions
during that period.

● ‌Government debt

According to the Department of Finance Canada, Government Debt in Canada

increased to 1173.01 CAD Billion in 2023 from 1139.98 CAD Billion in 2022.The
government's market debt, including marketable bonds, treasury bills, retail debt and
foreign currency debt, stood at $1,259.9 billion at the end of fiscal year 2022-23. In
addition to market and other types of unmatured debt, other liabilities brought the total
liabilities of the Government of Canada to $1,925.0 billion at that time. When financial
and non-financial assets are subtracted from total liabilities, the federal debt or
accumulated deficit of the Government of Canada was $1,173.0 billion as at March 31,
2023.

● ‌Rate of Inflation

According to Statistics Canada, The annual inflation rate in Canada increased to

3.4% in December 2023 from 3.1% the previous month, in line with market
expectations. The result was consistent with the Bank of Canada's signal that headline
inflation is expected to remain stubbornly high, near 3.5% through the middle of next
year, and supported policymakers' warnings that another rate hike may be required to
combat unsustainable price growth. The acceleration in consumer prices was attributed
to a rebound in gasoline costs (1.4% vs -7.7% in November) as a result of waning base
effects, which also caused transportation costs to rebound (3.2% vs -0.1%). Inflation
also increased for shelter (6% vs 5.9%), as high mortgage rates hampered home
ownership and raised rent prices (7.7% vs 7.4%), as well as a new increase in
passenger vehicles (2.3% vs 1.5%). Consumer prices fell by 0.3% from the previous
month, as expected, reflecting the seasonal December drop in the Canadian CPI.

● Unemployment

According to Statistics Canada, as of December 31, 2023, Canada’s

Unemployment Rate is at 5.80%. In December, there were 1.2 million unemployed
people, an increase of 202,000 (19.3%) compared with 12 months earlier. The
unemployment rate generally trended up from April to December for all demographic
groups, with the biggest increase among youth aged 15 to 24 (+1.7 percentage points to
11.3%), followed by people aged 55 and older (+1.1 percentage points to 5.0%). For
those in the core-aged group of 25 to 54, the unemployment rate was up by 0.5
percentage points over this period for both women (4.7%) and men (5.0%).

● ‌Balance of Trade (Trade Deficit and Trade Surplus)

A. Trade Deficit
According to the government statistical agency, Canada registered a trade deficit
of Can$312 million (US$232 million) in December, its first negative measure in several
months. As a result, the country's annual trade balance with the world went from a
surplus of Can$19.7 billion in 2022 to "a slight deficit" of $1.4 billion in 2023, Statistics
Canada said in a statement.

B. Trade Surplus
In November, Canada’s merchandise imports increased 1.9%, while exports were
down 0.6%. As a result, Canada’s merchandise trade surplus with the world narrowed
from $3.2 billion in October to $1.6 billion in November. This represents a fourth
consecutive monthly trade surplus.