Economy of North America
Encyclopedia
The economy of North America comprises more than 528 million people (8% of the world population) in its 23 sovereign states and 15 dependent territories. 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 the countries of Central America
and the Caribbean
that are less developed. 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 the only Latin American member of the Organisation for Economic Co-operation and Development
(OECD). 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. 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. The United States' services sector comprises 76.7% of the country's GDP (estimated in 2010), industry comprises 22.2% and agriculture comprises 1.2%.
Canada's economic trends and are similar to that of the United States, with significant growth in the sectors of services, mining and manufacturing. Canada's GDP (PPP) was estimated at $39,400 in 2010. Canada's services sector comprises 78% of the country's GDP (estimated in 2010), industry comprises 20% and agriculture comprises 2%.
Mexico has a GDP (PPP) of $13,900, and per capita income is estimated at approximately one-third of the United States'. The country has both modern and outdated industrial and agricultural facilities and operations, and is modernizing in sectors such as energy production, telecommunications and airports.
.
began in North America in October 1929. The start is often dated to the stock market collapse of Black Tuesday although this was not the cause of the Great Depression. 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. The economy reached its lowest point in 1933, however recovery was slow. The outbreak of World 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, a minimum wage
and standardised working hours under the New Deal
. Canada introduced similar measures. Mexico nationalised some key industries during the Great Depression, with the railroads nationalised by 1937 and the oil industry nationalised in 1938.
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. The economic output in North America increased substantially, with unemployment practically eliminated in the United States. Rationing severely reduced the availability of consumer goods, with the increase in industrial production coming from the demand for war materials.
of 1989 and the subsequent expansion to the North 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. Over 85% of Canadian exports in 2006 went to the United States.
(APEC) is a group of Pacific 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 to 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 are Canada
, Mexico
and the United States
.
(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".
- On January 1, 2006 six members: (Barbados
, Belize
, Guyana
, Jamaica
, Suriname
and
Trinidad and Tobago
) un-officially ushered in the Caribbean (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
and Saint Vincent and the Grenadines
) announced their intention to join by the second quarter of 2006. Montserrat
, a British Oversees territory is awaiting approval by the United Kingdom
. Haiti
and the Bahamas
have no immediate plans to join.
and the Central American countries of Costa Rica
, Guatemala
, El Salvador
, Honduras
, and Nicaragua
. The treaty is aimed at promoting free trade
between its members. Canada
and Mexico
are negotiating membership.
(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 the European Union
, there have been various proposals to move towards a customs union
or a North American currency union. It is unknown whether or not this may eventually develop into a North American Union
similar to that of Europe
.
Table correct as of 12 April 2008
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.
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.
and bank
ing. Canada, Mexico and most recently 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.
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 of national parks and natural landmarks, such as Mount Rushmore
and the Grand Canyon
in the United States, and Niagara Falls
and Moraine lake
in Canada, contribute to the economy in these regions.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, which are among the wealthiest and most developed nations in the world, and the countries of Central America
Central America
Central America is the central geographic region of the Americas. It is the southernmost, isthmian portion of the North American continent, which connects with South America on the southeast. When considered part of the unified continental model, it is considered a subcontinent...
and the Caribbean
Caribbean
The Caribbean is a crescent-shaped group of islands more than 2,000 miles long separating the Gulf of Mexico and the Caribbean Sea, to the west and south, from the Atlantic Ocean, to the east and north...
that are less developed. Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
lies in between these two extremes as a newly industrialized country (NIC), and is a part of the North American Free Trade Agreement
North American Free Trade Agreement
The North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada – United States Free Trade Agreement...
(NAFTA) and the only Latin American member of the Organisation for Economic Co-operation and Development
Organisation for Economic Co-operation and Development
The Organisation for Economic Co-operation and Development is an international economic organisation of 34 countries founded in 1961 to stimulate economic progress and world trade...
(OECD). 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. 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. The United States' services sector comprises 76.7% of the country's GDP (estimated in 2010), industry comprises 22.2% and agriculture comprises 1.2%.
Canada's economic trends and are similar to that of the United States, with significant growth in the sectors of services, mining and manufacturing. Canada's GDP (PPP) was estimated at $39,400 in 2010. Canada's services sector comprises 78% of the country's GDP (estimated in 2010), industry comprises 20% and agriculture comprises 2%.
Mexico has a GDP (PPP) of $13,900, and per capita income is estimated at approximately one-third of the United States'. The country has both modern and outdated industrial and agricultural facilities and operations, and is modernizing in sectors such as energy production, telecommunications and airports.
Roaring Twenties
The 1920s were a time of economic growth and prosperity in North America. Increased incomes as well as the large increase in the ability of private citizens to obtain credit resulted in a surge of consumer spending after World War IWorld War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
.
Great Depression
The Great DepressionGreat Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
began in North America in October 1929. The start is often dated to the stock market collapse of Black Tuesday although this was not the cause of the Great Depression. 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. The economy reached its lowest point in 1933, however recovery was slow. The outbreak of World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
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, a minimum wage
Minimum wage
A minimum wage is the lowest hourly, daily or monthly remuneration that employers may legally pay to workers. Equivalently, it is the lowest wage at which workers may sell their labour. Although minimum wage laws are in effect in a great many jurisdictions, there are differences of opinion about...
and standardised working hours under the New Deal
New Deal
The New Deal was a series of economic programs implemented in the United States between 1933 and 1936. They were passed by the U.S. Congress during the first term of President Franklin D. Roosevelt. The programs were Roosevelt's responses to the Great Depression, and focused on what historians call...
. Canada introduced similar measures. Mexico nationalised some key industries during the Great Depression, with the railroads nationalised by 1937 and the oil industry nationalised in 1938.
World War II
The large scale enlistment of men into armed forces during World War IIWorld War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
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. The economic output in North America increased substantially, with unemployment practically eliminated in the United States. Rationing severely reduced the availability of consumer goods, with the increase in industrial production coming from the demand for war materials.
US-Canada Free Trade Agreement and NAFTA - a new era of economic integration
The Canada-United States Free Trade AgreementCanada-United States Free Trade Agreement
The Free Trade Agreement was a trade agreement signed by Canada and the United States on October 4, 1988. The agreement, finalized by October 1987, removed several trade restrictions in stages over a ten year period, and resulted in a great increase in cross-border trade...
of 1989 and the subsequent expansion to the North American Free Trade Agreement
North American Free Trade Agreement
The North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada – United States 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. Over 85% of Canadian exports in 2006 went to the United States.
Regional variation
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 relling on agriculture.Asia-Pacific Economic Cooperation
The Asia-Pacific Economic CooperationAsia-Pacific Economic Cooperation
Asia-Pacific Economic Cooperation is a forum for 21 Pacific Rim countries that seeks to promote free trade and economic cooperation throughout the Asia-Pacific region...
(APEC) is a group of Pacific Rim
Pacific Rim
The Pacific Rim refers to places around the edge of the Pacific Ocean. The term "Pacific Basin" includes the Pacific Rim and islands in the Pacific Ocean...
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 to 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 are Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
Caribbean Community
The Caribbean CommunityCaribbean Community
The Caribbean Community is an organisation of 15 Caribbean nations and dependencies. CARICOM's main purposes are to promote economic integration and cooperation among its members, to ensure that the benefits of integration are equitably shared, and to coordinate foreign policy...
(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".
- On January 1, 2006 six members: (Barbados
Barbados
Barbados is an island country in the Lesser Antilles. It is in length and as much as in width, amounting to . It is situated in the western area of the North Atlantic and 100 kilometres east of the Windward Islands and the Caribbean Sea; therein, it is about east of the islands of Saint...
, Belize
Belize
Belize is a constitutional monarchy and the northernmost country in Central America. Belize has a diverse society, comprising many cultures and languages. Even though Kriol and Spanish are spoken among the population, Belize is the only country in Central America where English is the official...
, Guyana
Guyana
Guyana , officially the Co-operative Republic of Guyana, previously the colony of British Guiana, is a sovereign state on the northern coast of South America that is culturally part of the Anglophone Caribbean. Guyana was a former colony of the Dutch and of the British...
, Jamaica
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...
, Suriname
Suriname
Suriname , officially the Republic of Suriname , is a country in northern South America. It borders French Guiana to the east, Guyana to the west, Brazil to the south, and on the north by the Atlantic Ocean. Suriname was a former colony of the British and of the Dutch, and was previously known as...
and
Trinidad and Tobago
Trinidad and Tobago
Trinidad and Tobago officially the Republic of Trinidad and Tobago is an archipelagic state in the southern Caribbean, lying just off the coast of northeastern Venezuela and south of Grenada in the Lesser Antilles...
) un-officially ushered in the Caribbean (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
Antigua and Barbuda
Antigua and Barbuda is a twin-island nation lying between the Caribbean Sea and the Atlantic Ocean. It consists of two major inhabited islands, Antigua and Barbuda, and a number of smaller islands...
, Dominica
Dominica
Dominica , officially the Commonwealth of Dominica, is an island nation in the Lesser Antilles region of the Caribbean Sea, south-southeast of Guadeloupe and northwest of Martinique. Its size is and the highest point in the country is Morne Diablotins, which has an elevation of . The Commonwealth...
, Grenada
Grenada
Grenada is an island country and Commonwealth Realm consisting of the island of Grenada and six smaller islands at the southern end of the Grenadines in the southeastern Caribbean Sea...
, Saint Kitts and Nevis
Saint Kitts and Nevis
The Federation of Saint Kitts and Nevis , located in the Leeward Islands, is a federal two-island nation in the West Indies. It is the smallest sovereign state in the Americas, in both area and population....
, Saint Lucia
Saint Lucia
Saint Lucia is an island country in the eastern Caribbean Sea on the boundary with the Atlantic Ocean. Part of the Lesser Antilles, it is located north/northeast of the island of Saint Vincent, northwest of Barbados and south of Martinique. It covers a land area of 620 km2 and has an...
and Saint Vincent and the Grenadines
Saint Vincent and the Grenadines
Saint Vincent and the Grenadines is an island country in the Lesser Antilles chain, namely in the southern portion of the Windward Islands, which lie at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean....
) announced their intention to join by the second quarter of 2006. Montserrat
Montserrat
Montserrat is a British overseas territory located in the Leeward Islands, part of the chain of islands called the Lesser Antilles in the West Indies. This island measures approximately long and wide, giving of coastline...
, a British Oversees territory is awaiting approval by the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Haiti
Haiti
Haiti , officially the Republic of Haiti , is a Caribbean country. It occupies the western, smaller portion of the island of Hispaniola, in the Greater Antillean archipelago, which it shares with the Dominican Republic. Ayiti was the indigenous Taíno or Amerindian name for the island...
and the Bahamas
The Bahamas
The Bahamas , officially the Commonwealth of the Bahamas, is a nation consisting of 29 islands, 661 cays, and 2,387 islets . It is located in the Atlantic Ocean north of Cuba and Hispaniola , northwest of the Turks and Caicos Islands, and southeast of the United States...
have no immediate plans to join.
Central American Free Trade Agreement
The Central American Free Trade Agreement (CAFTA) is an agreement between the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and the Central American countries of Costa Rica
Costa Rica
Costa Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east....
, Guatemala
Guatemala
Guatemala is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, and Honduras and El Salvador to the southeast...
, El Salvador
El Salvador
El Salvador or simply Salvador is the smallest and the most densely populated country in Central America. The country's capital city and largest city is San Salvador; Santa Ana and San Miguel are also important cultural and commercial centers in the country and in all of Central America...
, Honduras
Honduras
Honduras is a republic in Central America. It was previously known as Spanish Honduras to differentiate it from British Honduras, which became the modern-day state of Belize...
, and Nicaragua
Nicaragua
Nicaragua is the largest country in the Central American American isthmus, bordered by Honduras to the north and Costa Rica to the south. The country is situated between 11 and 14 degrees north of the Equator in the Northern Hemisphere, which places it entirely within the tropics. The Pacific Ocean...
. The treaty is aimed at promoting free trade
Free trade
Under a free trade policy, prices emerge from supply and demand, and are the sole determinant of resource allocation. 'Free' trade differs from other forms of trade policy where the allocation of goods and services among trading countries are determined by price strategies that may differ from...
between its members. Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
and Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
are negotiating membership.
North American Free Trade Agreement
The North American Free Trade AgreementNorth American Free Trade Agreement
The North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada – United States 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 the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
, there have been various proposals to move towards a customs union
Customs union
A customs union is a type of trade bloc which is composed of a free trade area with a common external tariff. The participant countries set up common external trade policy, but in some cases they use different import quotas...
or a North American currency union. It is unknown whether or not this may eventually develop into a North American Union
North American Union
The North American Union is a theoretical economic union, in some instances also a political union, of Canada, Mexico, and the United States...
similar to that of Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
.
Currency
Below is a list of the currencies of North America, with exchange rates between each currency and both the euro and US dollars as of 12 April 2008.| Country | Currency | worth in euro | worth in USD | Central bank Central bank A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries... |
|---|---|---|---|---|
| Antigua and Barbuda Antigua and Barbuda Antigua and Barbuda is a twin-island nation lying between the Caribbean Sea and the Atlantic Ocean. It consists of two major inhabited islands, Antigua and Barbuda, and a number of smaller islands... |
EC dollar East Caribbean dollar The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States... |
0.24 | 0.38 | Eastern Caribbean Central Bank Eastern Caribbean Central Bank The Eastern Caribbean Central Bank is the monetary authority of a group of six independent Caribbean nations namely:* Antigua and Barbuda,* Grenada,* Saint Kitts and Nevis,* Commonwealth of Dominica,* Saint Lucia,* Saint Vincent and the Grenadines,... |
| Bahamas | Bahamian dollar Bahamian dollar The dollar has been the currency of The Bahamas since 1966. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.... |
0.63 | 1.00 | Central Bank of the Bahamas Central Bank of The Bahamas The Central Bank of The Bahamas is the central bank of The Bahamas, established on 1st June 1974-External links:*... |
| Barbados Barbados Barbados is an island country in the Lesser Antilles. It is in length and as much as in width, amounting to . It is situated in the western area of the North Atlantic and 100 kilometres east of the Windward Islands and the Caribbean Sea; therein, it is about east of the islands of Saint... |
Barbadian dollar | 0.32 | 0.50 | Central Bank of Barbados Central Bank of Barbados The Central Bank of Barbados is the national monetary authority responsible for providing advice to government of Barbados on banking and other financial and monetary matters. The Central Bank of Barbados, was established by Act of parliament on 2 May 1972... |
| Belize Belize Belize is a constitutional monarchy and the northernmost country in Central America. Belize has a diverse society, comprising many cultures and languages. Even though Kriol and Spanish are spoken among the population, Belize is the only country in Central America where English is the official... |
Belizean dollar | 0.32 | 0.51 | Central Bank of Belize Central Bank of Belize The Central Bank of Belize is the central bank of the Central American nation of Belize, established in 1982.- History :The Central Bank is the natural successor to the Monetary Authority of Belize, established from 1976 to 1981, and the Board of Commissioners of Currency running from 1894... |
| Canada Canada Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean... |
Canadian dollar Canadian dollar The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies... |
0.62 | 0.98 | Bank of Canada Bank of Canada The Bank of Canada is Canada's central bank and "lender of last resort". The Bank was created by an Act of Parliament on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada... |
| Costa Rica Costa Rica Costa Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east.... |
Colón Colón (currency) The colón is the currency of two Central American nations:*Costa Rica ; see Costa Rican colón... |
0.001 | 0.002 | Central Bank of Costa Rica Central Bank of Costa Rica The Central Bank of Costa Rica is the central bank of Costa Rica. Being a central bank recognized by the Costa Rican society and the international community for its efficiency, transparency and credibility in keeping inflation low and stable.... |
| Cuba Cuba The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city... |
Cuban convertible peso Cuban convertible peso The convertible peso , is one of two official currencies in Cuba, the other being the peso. It has been in limited use since 1994, when it was treated as equivalent to the U.S. dollar: its value was officially US$1.00. On November 8, 2004, the U.S... |
0.847 | 1.08 | Central Bank of Cuba Central Bank of Cuba The Central Bank of Cuba is the central bank of Cuba. It was created in 1997, to take over many of the functions of the National Bank of Cuba... |
| Cuban peso Cuban peso The peso is one of two official currencies in use in Cuba, the other being the convertible peso... |
0.030 | 0.038 | ||
| Dominica Dominica Dominica , officially the Commonwealth of Dominica, is an island nation in the Lesser Antilles region of the Caribbean Sea, south-southeast of Guadeloupe and northwest of Martinique. Its size is and the highest point in the country is Morne Diablotins, which has an elevation of . The Commonwealth... |
EC dollar East Caribbean dollar The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States... |
0.24 | 0.38 | Eastern Caribbean Central Bank Eastern Caribbean Central Bank The Eastern Caribbean Central Bank is the monetary authority of a group of six independent Caribbean nations namely:* Antigua and Barbuda,* Grenada,* Saint Kitts and Nevis,* Commonwealth of Dominica,* Saint Lucia,* Saint Vincent and the Grenadines,... |
| Dominican Republic Dominican Republic The Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries... |
Dominican Republic Peso | 0.02 | 0.03 | Central Bank of the Dominican Republic |
| El Salvador El Salvador El Salvador or simply Salvador is the smallest and the most densely populated country in Central America. The country's capital city and largest city is San Salvador; Santa Ana and San Miguel are also important cultural and commercial centers in the country and in all of Central America... |
US dollar | 0.63 | 1.00 | Central Reserve Bank of El Salvador Central Reserve Bank of El Salvador The Central Reserve Bank of El Salvador is the central bank of El Salvador, which controls the currency rate and regulates certain economic activities within El Salvador. The bank was originally privately owned, but was brought under state control through The Law of the Reorganization of Central... |
| Greenland Greenland Greenland is an autonomous country within the Kingdom of Denmark, located between the Arctic and Atlantic Oceans, east of the Canadian Arctic Archipelago. Though physiographically a part of the continent of North America, Greenland has been politically and culturally associated with Europe for... |
Danish krone Danish krone The krone is the official currency of the Kingdom of Denmark consisting of Denmark, the Faroe Islands and Greenland. It is subdivided into 100 øre... |
0.13 | 0.19 | Danmarks Nationalbank Danmarks Nationalbank Danmarks Nationalbank is the central bank of the Kingdom of Denmark. It is a non-eurozone member of the European System of Central Banks . The bank issues the Danish currency, the krone.... |
| Grenada Grenada Grenada is an island country and Commonwealth Realm consisting of the island of Grenada and six smaller islands at the southern end of the Grenadines in the southeastern Caribbean Sea... |
EC dollar East Caribbean dollar The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States... |
0.24 | 0.38 | Eastern Caribbean Central Bank Eastern Caribbean Central Bank The Eastern Caribbean Central Bank is the monetary authority of a group of six independent Caribbean nations namely:* Antigua and Barbuda,* Grenada,* Saint Kitts and Nevis,* Commonwealth of Dominica,* Saint Lucia,* Saint Vincent and the Grenadines,... |
| Guatemala Guatemala Guatemala is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, and Honduras and El Salvador to the southeast... |
Quetzal | 0.08 | 0.13 | Bank of Guatemala Bank of Guatemala -External links:... |
| Haiti Haiti Haiti , officially the Republic of Haiti , is a Caribbean country. It occupies the western, smaller portion of the island of Hispaniola, in the Greater Antillean archipelago, which it shares with the Dominican Republic. Ayiti was the indigenous Taíno or Amerindian name for the island... |
Gourde | 0.02 | 0.03 | Central Bank of Haiti |
| Honduras Honduras Honduras is a republic in Central America. It was previously known as Spanish Honduras to differentiate it from British Honduras, which became the modern-day state of Belize... |
Lempira Honduran lempira The lempiras is the currency of Honduras. It is subdivided into 100 centavos. The lempira was named after the 16th-century cacique Lempira, a ruler of the indigenous Lenca people, who is renowned in Honduran folklore for leading the local native resistance against the Spanish conquistador forces... |
0.03 | 0.05 | Central Bank of Honduras Central Bank of Honduras The Central Bank of Honduras is the central bank of Honduras. The current president is Maria Elena Mondragón.On June 24, 2009, surveillance cameras captured how about $2 million in cash was withdrawn from the Central Bank and driven to the office of Enrique Flores Lanza, Manuel Zelaya's chief of... |
| Jamaica Jamaica Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic... |
Jamaican dollar Jamaican dollar The dollar has been the currency of Jamaica since 1969. It is often abbreviated "J$", the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.-History:... |
0.009 | 0.01 | Bank of Jamaica Bank of Jamaica The Bank of Jamaica is the central bank of Jamaica located in Kingston. It was established by the and was opened on May 1, 1961.It is responsible for the monetary policy of Jamaica on the instruction of the Minister of Finance.- History :... |
| Mexico Mexico The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of... |
Mexican peso Mexican peso The peso is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 15th–19th century Spanish dollar, most continuing to use its sign, "$". The Mexican peso is the 12th most traded currency in the world, the third most traded in the Americas, and by far the most... |
0.06 | 0.09 | Bank of Mexico |
| Nicaragua Nicaragua Nicaragua is the largest country in the Central American American isthmus, bordered by Honduras to the north and Costa Rica to the south. The country is situated between 11 and 14 degrees north of the Equator in the Northern Hemisphere, which places it entirely within the tropics. The Pacific Ocean... |
Córdoba | 0.03 | 0.05 | Central Bank of Nicaragua Central Bank of Nicaragua -External links:... |
| Panama Panama Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The... |
Balboa | 0.63 | 1.00 | National Bank of Panama National Bank of Panama The National Bank of Panama is one of two Panamanian government-owned banks. As of January 2009, it held deposits of about US$5 billion. The other government-owned bank is Caja de Ahorros, with about US$1 billion in total deposits.... |
| Saint Kitts and Nevis Saint Kitts and Nevis The Federation of Saint Kitts and Nevis , located in the Leeward Islands, is a federal two-island nation in the West Indies. It is the smallest sovereign state in the Americas, in both area and population.... |
EC dollar East Caribbean dollar The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States... |
0.24 | 0.38 | Eastern Caribbean Central Bank Eastern Caribbean Central Bank The Eastern Caribbean Central Bank is the monetary authority of a group of six independent Caribbean nations namely:* Antigua and Barbuda,* Grenada,* Saint Kitts and Nevis,* Commonwealth of Dominica,* Saint Lucia,* Saint Vincent and the Grenadines,... |
| Saint Lucia Saint Lucia Saint Lucia is an island country in the eastern Caribbean Sea on the boundary with the Atlantic Ocean. Part of the Lesser Antilles, it is located north/northeast of the island of Saint Vincent, northwest of Barbados and south of Martinique. It covers a land area of 620 km2 and has an... |
EC dollar East Caribbean dollar The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States... |
0.24 | 0.38 | Eastern Caribbean Central Bank Eastern Caribbean Central Bank The Eastern Caribbean Central Bank is the monetary authority of a group of six independent Caribbean nations namely:* Antigua and Barbuda,* Grenada,* Saint Kitts and Nevis,* Commonwealth of Dominica,* Saint Lucia,* Saint Vincent and the Grenadines,... |
| Saint Vincent and the Grenadines Saint Vincent and the Grenadines Saint Vincent and the Grenadines is an island country in the Lesser Antilles chain, namely in the southern portion of the Windward Islands, which lie at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean.... |
EC dollar East Caribbean dollar The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States... |
0.24 | 0.38 | Eastern Caribbean Central Bank Eastern Caribbean Central Bank The Eastern Caribbean Central Bank is the monetary authority of a group of six independent Caribbean nations namely:* Antigua and Barbuda,* Grenada,* Saint Kitts and Nevis,* Commonwealth of Dominica,* Saint Lucia,* Saint Vincent and the Grenadines,... |
| Trinidad and Tobago Trinidad and Tobago Trinidad and Tobago officially the Republic of Trinidad and Tobago is an archipelagic state in the southern Caribbean, lying just off the coast of northeastern Venezuela and south of Grenada in the Lesser Antilles... |
Trinidad and Tobago dollar Trinidad and Tobago dollar The dollar is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents... |
0.10 | 0.16 | Central Bank of Trinidad and Tobago Central Bank of Trinidad and Tobago The Central Bank of Trinidad and Tobago is the central bank of Trinidad and Tobago.The Central Bank of Trinidad and Tobago is located in the Eric Williams Financial Complex. The complex consists of the central bank auditorium and two sky-scrapers, locally known as the twin towers... |
| United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
US dollar | 0.75 | 1.00 | Federal Reserve System Federal Reserve System The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907... |
Table correct as of 12 April 2008
Agriculture
AgricultureAgriculture
Agriculture is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agriculture was the key implement in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the...
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.
Manufacturing
North America has developed and its manufacturingManufacturing
Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
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.
Service
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.Investment and banking
The United States leads North America in investmentInvestment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
and bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing. Canada, Mexico and most recently 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
TourismTourism
Tourism is travel for recreational, leisure or business purposes. The World Tourism Organization defines tourists as people "traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes".Tourism has become a...
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 of national parks and natural landmarks, such as Mount Rushmore
Mount Rushmore
Mount Rushmore National Memorial is a sculpture carved into the granite face of Mount Rushmore near Keystone, South Dakota, in the United States...
and the Grand Canyon
Grand Canyon
The Grand Canyon is a steep-sided canyon carved by the Colorado River in the United States in the state of Arizona. It is largely contained within the Grand Canyon National Park, the 15th national park in the United States...
in the United States, and Niagara Falls
Niagara Falls
The Niagara Falls, located on the Niagara River draining Lake Erie into Lake Ontario, is the collective name for the Horseshoe Falls and the adjacent American Falls along with the comparatively small Bridal Veil Falls, which combined form the highest flow rate of any waterfalls in the world and has...
and Moraine lake
Moraine Lake
Moraine Lake is a glacially-fed lake in Banff National Park, outside the Village of Lake Louise, Alberta, Canada. It is situated in the Valley of the Ten Peaks, at an elevation of approximately . The lake has a surface area of ....
in Canada, contribute to the economy in these regions.
See also
- North AmericaNorth AmericaNorth America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
- North American Industry Classification System
- List of North American countries by GDP (PPP)
- List of North American countries by GDP (nominal)
- List of North American countries by GDP per capita