section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  North America's GDP per capita was evaluated in October 2016 by the International Monetary Fund (IMF) to be $41,830, making it the richest continent in the world, followed by Oceania.
  
  Canada, Mexico, and the U.S. have significant and multifaceted economic systems. The U.S. has the largest economy in the world. In 2016, the U.S. had an estimated per capita gross domestic product (PPP) of $57,466 according to the World Bank, and is the most technologically developed economy of the three. The U.S.'s services sector comprises 77% of the country's GDP (estimated in 2010), industry comprises 22% and agriculture comprises 1.2%. The U.S. economy is also the fastest-growing economy in North America and the Americas as a whole, with the highest GDP per capita in the Americas as well.
  
  Canada shows significant growth in the sectors of services, mining and manufacturing. Canada's per capita GDP (PPP) was estimated at $44,656 and it had the 11th-largest GDP (nominal) in 2014. Canada's services sector comprises 78% of the country's GDP (estimated in 2010), industry comprises 20% and agriculture comprises 2%. Mexico has a per capita GDP (PPP) of $16,111 and as of 2014 is the 15th-largest GDP (nominal) in the world. Being a newly industrialized country, Mexico maintains both modern and outdated industrial and agricultural facilities and operations. Its main sources of income are oil, industrial exports, manufactured goods, electronics, heavy industry, automobiles, construction, food, banking and financial services.
  
  The North American economy is well defined and structured in three main economic areas. These areas are those under the North American Free Trade Agreement (NAFTA), the Caribbean Community and Common Market (CARICOM), and the Central American Common Market (CACM). Of these trade blocs, the U.S. takes part in two. In addition to the larger trade blocs there is the Canada-Costa Rica Free Trade Agreement among numerous other free-trade relations, often between the larger, more developed countries and Central American and Caribbean countries.
  
  NAFTA formed one of the four largest trade blocs in the world. Its implementation in 1994 was designed for economic homogenization with hopes of eliminating barriers of trade and foreign investment between Canada, the U.S. and Mexico. While Canada and the U.S. already conducted the largest bilateral trade relationship—and to present day still do—in the world and Canada–U.S. trade relations already allowed trade without national taxes and tariffs, NAFTA allowed Mexico to experience a similar duty-free trade. The free-trade agreement allowed for the elimination of tariffs that had previously been in place on U.S.–Mexico trade. Trade volume has steadily increased annually and in 2010, surface trade between the three NAFTA nations reached an all-time historical increase of 24.3% or US$791 billion. The NAFTA trade bloc GDP (PPP) is the world's largest with US$17.617 trillion. This is in part attributed to the fact that the economy of the U.S. is the world's largest national economy; the country had a nominal GDP of approximately $14.7 trillion in 2010. The countries of NAFTA are also some of each other's largest trade partners. The U.S. is the largest trade partner of Canada and Mexico, while Canada and Mexico are each other's third-largest trade partners. In 2018, the NAFTA was replaced by the U.S.–Mexico–Canada Agreement.
  
  The Caribbean trade bloc (CARICOM) came into agreement in 1973 when it was signed by 15 Caribbean nations. As of 2000, CARICOM trade volume was US$96 billion. CARICOM also allowed for the creation of a common passport for associated nations. In the past decade the trade bloc focused largely on free-trade agreements and under the CARICOM Office of Trade Negotiations free-trade agreements have been signed into effect.
  
  Integration of Central American economies occurred under the signing of the Central American Common Market agreement in 1961; this was the first attempt to engage the nations of this area into stronger financial cooperation. The 2006 implementation of the Central American Free Trade Agreement (CAFTA) left the future of the CACM unclear. The Central American Free Trade Agreement was signed by five Central American countries, the Dominican Republic, and the U.S. The focal point of CAFTA is to create a free trade area similar to that of NAFTA. In addition to the U.S., Canada also has relations in Central American trade blocs.
  
  These nations also take part in inter-continental trade blocs. Mexico takes a part in the G3 Free Trade Agreement with Colombia and Venezuela and has a trade agreement with the EU. The U.S. has proposed and maintained trade agreements under the Transatlantic Free Trade Area between itself and the European Union; the U.S.–Middle East Free Trade Area between numerous Middle Eastern nations and itself; and the Trans-Pacific Strategic Economic Partnership between Southeast Asian nations, Australia, and New Zealand.