Economy of North America

Economy of North America
The New York metropolitan area has the largest gross metropolitan product in the North America.
Statistics
Population596 million[1][2] (2021)
GDP
GDP rank
GDP growth
1% (2023 est.)[5]
GDP per capita
  • $59,330 (nominal; 2023 est)[6]
  • $62,540 (PPP; 2023 est)[7]
GDP per capita rank
3.8% (2023 est.)[8]
26.8 million (2022)[9]
Public finances
117.4% of GDP (2023 est.)[10]
Most numbers are from the International Monetary Fund. IMF North America Datasets
All values, unless otherwise stated, are in US dollars.
World economy

The economy of North America comprises more than 596 million people (8% of the world population) in its 24 sovereign states and 15 dependent territories.[1][2] It is marked by a sharp division between the predominantly English speaking countries of Canada and the United States, which are among the wealthiest and most developed nations in the world, and countries of Central America and the Caribbean in the former Latin America that are less developed. Mexico and Caribbean nations of the Commonwealth of Nations are between the economic extremes of the development of North America.

Mexico lies in between these two extremes as a newly industrialized country (NIC), and is a part of the North American Free Trade Agreement (NAFTA) and a member of the Organisation for Economic Co-operation and Development (OECD), being one of the only two Latin American members of this organisation (together with Chile). The United States is by far the largest economy in North America and the largest national economy in the world.

The US, Canada and Mexico have significant and multifaceted economic systems.[11] In 2011, the US has an estimated per capita gross domestic product (PPP) of $47,200, and is the most technologically developed economy in North America.[11] The United States' services sector comprises 80% of the country's GDP (estimated in 2017), industry comprises 19.1% and agriculture comprises 0.9%.[11]

Canada's economic trends are similar to that of the United States, with significant growth in the sectors of services, mining and manufacturing.[12] Canada's GDP (PPP) was estimated at $39,400 in 2010.[12] Canada's services sector comprises 70.2% of the country's GDP (estimated in 2017), industry comprises 28.2% and agriculture comprises 1.6%.[12]

Mexico has a GDP (PPP) of $15,312, and per capita income is estimated at one-third of the United States'.[13] The country has both modern and outdated industrial and agricultural facilities and operations,[13] and is modernizing in sectors such as energy production, telecommunications and airports.[13]

  1. ^ a b "World Population Prospects 2022". United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  2. ^ a b "World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" (XSLX) ("Total Population, as of 1 July (thousands)"). United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  3. ^ "GDP (Nominal), current prices". International Monetary Fund. Retrieved 5 November 2022.
  4. ^ "GDP (PPP), current prices". International Monetary Fund. Retrieved 5 November 2022.
  5. ^ International Monetary Fund (2022). "Real GDP growth". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  6. ^ International Monetary Fund (2022). "Nominal GDP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  7. ^ International Monetary Fund (2022). "GDP PPP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  8. ^ International Monetary Fund (2022). "Inflation rate, average consumer prices". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  9. ^ Shorrocks, Anthony; Davies, James; Lluberas, Rodrigo (2022). Global Wealth Databook 2022 (PDF). Credit Suisse Research Institute.
  10. ^ International Monetary Fund (2022). "General government gross debt". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  11. ^ a b c "United States, Economy. U.S. Central Intelligence Agence. Accessed January 2021.
  12. ^ a b c "Canada, Economy. U.S. Central Intelligence Agence. Accessed June 2011.
  13. ^ a b c "Mexico, Economy. U.S. Central Intelligence Agence. Accessed June 2011.