section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Canada has a highly developed mixed-market economy, with the world's ninth-largest economy as of 2023, and a nominal GDP of approximately US$ 2.221 trillion. 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 ninth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$2 trillion.
  
  The Bank of Canada is the central bank of the country. The minister of finance and minister of innovation, science, and industry use data from Statistics Canada to enable financial planning and develop economic policy. 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 Index (15th in 2023). 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. The Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce. Canada has an unusually important primary sector, of which the forestry and petroleum industries are the most prominent components. Many towns in northern Canada, where agriculture is difficult, are sustained by nearby mines or sources of timber.
  
  Canada's economic integration with the United States has increased significantly since the Second World War. The Canada – United States Free Trade Agreement (FTA) of 1988 eliminated tariffs between the two countries, while the North American Free Trade Agreement (NAFTA) expanded the free-trade zone to include Mexico in 1994 (later replaced by the Canada–United States–Mexico Agreement). As of 2023, Canada is a signatory to 15 free trade agreements with 51 different countries.
  
  Canada is one of the few developed nations that are net exporters of energy. Atlantic Canada possess vast offshore deposits of natural gas, and Alberta hosts the fourth-largest oil reserves in the world. The vast Athabasca oil sands and other oil reserves give Canada 13 percent of global oil reserves, constituting the world's third- or fourth-largest. Canada is additionally one of the world's largest suppliers of agricultural products; the Canadian Prairies region is one of the most important global producers of wheat, canola, and other grains. The country is a leading exporter of zinc, uranium, gold, nickel, platinoids, aluminum, steel, iron ore, coking coal, lead, copper, molybdenum, cobalt, and cadmium. Canada has a sizeable manufacturing sector centred in southern Ontario and Quebec, with automobiles and aeronautics representing particularly important industries. The fishing industry is also a key contributor to the economy.