Canada is one of the world's wealthiest nations, with an affluent, high-tech industrial society. Canada is a member of some of the most prestigious societies such as the Organization for Economic Co-operation and Development (OECD) and Group of Eight (G8). The country experienced a solid economic growth from 1993 through 2007. Canadian economic growth was based on the country’s great natural resources, skilled labor force, and modern capital plant. The positive economic course of the country was averted in the final months of 2008 due to the global economic recession and Ottawa was in the unpleasant position to post its first fiscal deficit in 2009 after 12 years of surplus. The robust and well-function socio-economic environment of Canada helped the country to quickly upend this negative development as real gross domestic product (GDP) increased 1.2% in the fourth quarter of 2009, the largest quarterly increase since the third quarter of 2000.

Furthermore, in January 2009 real gross domestic product advanced 0.6%. Goods-producing industries increased 1.3%, largely on the strength of manufacturing and construction. Mining, as well as oil and gas extraction also increased in January. The production of services advanced 0.4%, led by wholesale trade. Retail trade, the finance and insurance sector, transportation and the public sector also produced higher figures. Conversely, the output of real estate agents and brokers, some tourism-related industries as well as agriculture and forestry retreated.

Another indicator that highlights the economic situation of the country is employment. In Canada employment edged up by 18,000 new job vacancies in March 2010, continuing an upward trend that began in July 2009. This development brings the total gains to 176,000 (+1.1%) since July 2009. The unemployment rate remained unchanged at 8.2%.

Canada's international merchandise trade was one of the economic indicators significantly affected by the decline of the global economy in 2009. It is indicative that in the first quarter of the year, Canada exported $369.7 billion of merchandise to the world, down 24.5% from 2008. During the same period, imports fell 15.5% to $374.2 billion. This resulted to a fall of the trade balance, from a surplus of $46.9 billion in 2008, to a deficit of $4.5 billion in 2009. Actually, this was the first deficit that the country faced since 1975. Additionally, it is important to note that although the trade surplus with the United States fell from $89.1 billion in 2008 to $34.8 billion in 2009, the lowest level since 1997, the trade deficit with countries other than the United States also narrowed to $39.3 billion in 2009 from $42.2 billion in 2008.


The currency value of Canada’s imports from countries other than the United States, fell for the first time in eight years although the percentage of imports from these countries rose to 48.8% in 2009 from 43.5% in 2005. Therefore, imports from Europe declined to $55.5 billion, from China to $39.7 billion, down 7.0% from 2008.

Canadian economy is well structured and able to undergo economic malfunctions. This is clearly highlighted by the immediate recovery the Canadian economy showed during the global economic recession. Such a successful socio-economic model should be seen as the base on which Canada will develop future economic policies.