The Economy of North America.....

The economy of North America comprises more than 579 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 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 Organization for Economic Co-operation and Development (OECD), being one of the only two Latin American members of this organization (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. 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 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 $15,312, and per capital 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 The country has both modern and outdated industrial and agricultural facilities and operations, and is modernizing in sectors such as energy production, telecommunications and airports.