Global GDP Growth: Overview
Inflation-adjusted base year prices are used to calculate real GDP. Real GDP changes serve as a gauge of economic growth and show whether the economic activity has increased or decreased. According to real GDP, the world's top five economies are the US, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion. With a $6 trillion real GDP during the same period, Japan came in third place internationally. Germany and India are the other two largest economies, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Canada Exports: Overview
The volume of Canadian exports of goods and services recorded 1.3% growth in 2019, followed by a contraction of 9.9% in 2020. Lower mineral fuel and oil prices, of which Canada is a major exporter, and the continued disruption of non-essential manufacturing during 2020 has adversely affected export earnings.
According to the IMF forecasts, the volume of exports of goods and services is expected to increase by 16.4% in 2021. Canada generates a large part of its export revenue from mineral fuels, oils, and products, which decreased from $98.6 billion in 2019 to $69.1 billion in 2020. This sector’s share of total exports decreased from 22.1% in 2019 to 17.7% in 2020.
Canada was the fifth largest exporter of mineral fuels and oils in the world in 2019, accounting for 4.9% of total world exports. Vehicle exports, however, declined from 13.8% in 2019 to 11.9% in 2020.
Canada Exports as a % of GDP
Exports as a % of GDP of Canada was 27% in 2021, decreased by 6.5% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Canada decreased by 7.5%. The indicator was highest in the years 2015 and 2018 at 32.0% and lowest in the year 2021 at 27.0%.
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