Stronger Canadian Dollar Edging Canada into 8th Place in World GDP

Canada’s nominal GDP is $1.80 trillion. Canada’s dollar converts to a US dollar at C$1.26 to $1 USD. The Canadian dollar was at C$1.45 to $1 USD in March 2020. The Canadian dollar was at C$1.31 to C$1.35 to $1 USD through much of 2019. The Canadian dollar has strengthened by 7-8% over where it was in 2019.

Italy’s economy shrank 2% in the fourth quarter of 2020. Italy’s GDP is expected to decrease by 8.9% in 2020.

The fluctuations in currencies and the shifting impacts from COVID are shaking up the rankings of national economies on a nominal basis. Below are outdated 2020 estimates of GDP from the IMF.

Above numbers are outdated IMF numbers. The table shown is IMF 2020 data which is not updated for the latest exchange rates. The IMF data is old. I updated the Canada portion to about US$1.81 trillion.

There are various reports that Italy has a nominal GDP of $1.8 trillion at the end of 2020. Brazil’s currency lost 35% of its value relative to the USD from 2019 to today.

Canada’s GDP in 2020Q3 was C$2.235 trillion. Canada had GDP growth in the fourth quarter of 2020 of 1.5%.

China reported 2020 GDP at 101.6 trillion yuan. The USD to Chinese Yuan exchange rate is 6.46. China’s GDP is US$15.73 Trillion. If Hong Kong and Macau GDP is added, then China’s GDP is US$16.03 trillion in February 2021. China is forecast to have 8% GDP growth in 2021. If the currency stayed stable then China+Hong Kond and Macua would have US$17.3 trillion GDP at the end of 2021.

Texas has a GDP of $1.9 trillion. If Texas or California were countries then they would rank ahead of Canada. California would be the 5th largest economy.

SOURCES- Statscan, Statistics Italy, Wikipedia, Google Finance, IMF
Written by Brian Wang,