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 TheNew York metropolitan area has thelargest gross metropolitan product in the North America. | |
| Statistics | |
|---|---|
| Population | 596 million[1][2] (2021) |
| GDP | |
| GDP rank | |
GDP growth | 1% (2023 est.)[5] |
GDP per capita | |
GDP per capita rank | |
| 3.8% (2023 est.)[8] | |
Millionaires (US$) | 26.8 million (2022)[9] |
| Public finances | |
| 117.4% of GDP (2023 est.)[10] | |
| Most numbers are from theInternational Monetary Fund.IMF North America Datasets All values, unless otherwise stated, are inUS dollars. | |
| World economy |
|---|
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Theeconomy of North America comprises more than 596 million people (8% of theworld population) in its24 sovereign states and 15 dependent territories.[1][2] It is marked by a sharp division between the predominantly English speaking countries ofCanada and theUnited States, which are among the wealthiest and most developed nations in the world, and countries ofCentral America and theCaribbean in the formerLatin America that are less developed.Mexico and the Caribbean nations of theCommonwealth of Nations are between the economic extremes of the development of North America.
Mexico lies in between these two extremes as anewly industrialized country (NIC), and is a part of theNorth American Free Trade Agreement (NAFTA) and a member of theOrganisation 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]
TheGreat Depression began in North America in October 1929. The start is often dated to the stock market collapse ofBlack Tuesday although this was not the cause of the Great Depression.[14] Canada and the United States experienced especially large declines, with the gross domestic product falling 37% from 1929 to 1933 in the United States, and 43% in Canada over the same period.[15] The economy reached its lowest point in 1933, however recovery was slow. The outbreak ofWorld War II in 1939 created demand for war materials that brought about the end of the depression.
The Great Depression spurred increased government intervention in the economy in North America. The United States introduced unemployment insurance, aminimum wage and standardised working hours under theNew Deal.[16] Canada introduced similar measures.[17] Mexico nationalised some key industries during the Great Depression, with the railroads nationalised by 1937 and the oil industry nationalised in 1938.[18]
Due to the large scale enlistment of men into armed forces duringWorld War II, women entered the workforce en masse, filling many jobs in manufacturing and technical areas that had previously been closed to women. This led to the "We can do it!" campaign.[19] The economic output in North America increased substantially, with unemployment practically eliminated in the United States.[20] Rationing severely reduced the availability of consumer goods, with the increase in industrial production coming from the demand for war materials. During the peak of World War II activity, nearly 40 per cent of US GDP was devoted to war production.[21]
After the 2nd world war, the United States and Russia emerged as the world superpowers with both economies being strong and thus each country wanted to be recognised as a superpower. The relationship between the two countries further deteriorated with the space race.
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TheCanada-United States Free Trade Agreement of 1989 and the subsequent expansion to theNorth American Free Trade Agreement (NAFTA) triggered a dramatic increase in trade between these three countries, with Mexican trade with the United States and Canada increasing threefold.[22] Over 85% of Canadian exports in 2006 went to the United States.[23]
With various climate zones, agricultural products vary from country to country. Job sectors are also different, with industrialized countries having more service workers, and developing countries relying on agriculture.
TheAsia-Pacific Economic Cooperation (APEC) is a group ofPacific Rim countries which meet with the purpose of improving economic and political ties. APEC's stated goals are aimed at free and open trade and investments by cutting tariffs between zero and five percent in the Asia-Pacific area for industrialised economies by 2010 and for developing economies by 2020.
The organisation has members from four continents, those from North America areCanada,Mexico and theUnited States.
TheCaribbean Community (CARICOM) was created"To provide dynamic leadership and service, in partnership with Community institutions and Groups, toward the attainment of a viable, internationally competitive and sustainable Community, with improved quality of life for all". Its secretariat is based inGeorgetown, Guyana, South America.
- On January 1, 2006, six members: (Barbados,Belize,Guyana,Jamaica,Suriname andTrinidad and Tobago) unofficially ushered in theCaribbean (CARICOM) Single Market and Economy (CSME).
- At the official signing of the protocol on January 30, 2006, in Jamaica, A further six members: (Antigua and Barbuda,Dominica,Grenada,Saint Kitts and Nevis,Saint Lucia andSaint Vincent and the Grenadines) announced their intention to join by the second quarter of 2006.Montserrat, a British Oversees territory is awaiting approval by theUnited Kingdom.Haiti andthe Bahamas have no immediate plans to join.
TheCentral American Free Trade Agreement (CAFTA) is an agreement between theUnited States and the Central American countries ofCosta Rica,Guatemala,El Salvador,Honduras, andNicaragua. The treaty is aimed at promotingfree trade between its members.Canada andMexico are negotiating membership.
TheNorth American Free Trade Agreement (NAFTA) is an agreement between Canada, Mexico and the United States to eliminate tariffs on goods traded between themselves.
Although currently only a trade agreement, with no supranational bodies or laws as in theEuropean Union, there have been various proposals to move towards acustoms union or aNorth American currency union. It is unknown whether this may eventually develop into aNorth American Union similar to that ofEurope.
Below is alist of the currencies of North America, with exchange rates between each currency and both theeuro andUS dollarsas of 20 July 2022. This list may vary as it is not current.
Table correct as of 20 July 2022
Agriculture is very important in Central American and Caribbean nations. In western Canada, in the provinces of Saskatchewan, Alberta, British Columbia and Manitoba, wheat and other various main agricultural products are grown. The U.S. also has many states with significant agriculture production, mainly in the central continental U.S. Mexico produces many tropical fruits and vegetables as well as edible animals. In America, according to the USDA as of 2023 the most produced crop which is corn and is the highest planted crop here with it rising the past 30 years, with Iowa and Illinois contributing to 1/3 of the crop produced. Corn being the major crop produced contributes to 75.8 billion dollars as a cash crop.In Mexico as of 2023 one of the main fruits sold is avocadoes and the most profitable as well bringing in 2.84 billion dollars to Mexico with 75 percent being grown in the state of Michoacan and has continued to grow in revenue as well as yearly. In Canada canola created 43.7 billion in revenue for them as one of their highest selling crops, along with wheat bringing in 42.8 billion as well being a major contributor to Canadas agriculture as well.[24][25][26][27][28][29]
North America has developed and itsmanufacturing sector has grown. In the beginning the European nations were the large manufacturing powers. At the start of the 1950s, the United States was a top manufacturing power, with Canada and Mexico also making significant progress.
In Canada, the US and the Caribbean, service-based employment is a significant percentage of overall employment. Many people work in stores and other retail locations. In Canada more than 70% work in the services sector, with a similar percentage in the United States.
The United States leads North America ininvestment andbanking. Canada, Mexico and most recently, February 2011, El Salvador is growing in this sector. And smaller economic powers such as Guatemala, Honduras, Costa Rica, and Panama are also growing slowly in this sector.
Tourism is extremely important for the Caribbean economies, as they contain many beaches and have warm climates. Skiing in Canada and the US is also important. Tourism ofnational parks and natural landmarks, such asMount Rushmore and theGrand Canyon in the United States, andNiagara Falls andMoraine lake in Canada, contribute to the economy in these regions.
The most tourist visited location in North America isWalt Disney World inOrlando, Florida. It is the most visited vacation resort globally, attracting over 58 million visitors annually.[30] Walt Disney World generates approximately 6 billion dollars annually in tax revenue for the state of Florida and created 263,000 jobs.
Canada's most visited location isNiagara Falls on the border betweenOntario, Canada, andNew York, US with approximately 12 million visitors each year.[31] Niagara Falls generates approximately $8.6 million in taxes and provides about 50,000 jobs.
The most visited location in Mexico isCancún, located on Mexico'sYucatán Peninsula, it attracts over 21 million tourists annually.[32] Mexico's tourist attractions create $29 million tax dollars and 2.5 million jobs for its citizens.
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