Developing A Country's Economic Data

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According to Forbes, Canada is ranked 6th in their “Best Countries For Business” list; this list is constructed through careful analysis of the country’s economic data. There are many aspects that make up a country’s economy which will be explained in more detail below. All these factors can be analyzed separately but they are all interconnected which is why a country’s economy is so dependent on their individual success. The government’s goal is to prioritize economic growth in order to maintain a high standard of living for its citizens.
Key Economic Factors
Gross domestic product (GDP), unemployment, and inflation make up the most important economic indicators for Canada’s economy. As previously mentioned, these factors and
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GDP is an important factor in economic growth therefore when GDP rises, a nation undergoes economic growth. Therefore, the increase in the annual growth rate is looked at positively for the economy.
GDP has increased significantly over the last two decades which can be explained by the improvement in technology. GDP looks at the production of goods and services and there are a lot of factors that go into production. Technology plays a huge role in the physical capital aspect of production, therefore the increase of technology overtime has boosted production levels which consequently increases GDP.
Unemployment
The second factor that plays a key role in the economic system is unemployment. This indicator is constantly being examined by economists and other business related media sources, and they have good reason too. Lower unemployment rates means that more people are employed which increases production therefore increasing Canada’s GDP. A higher GDP is key to economic growth which is why the government is always trying to make sure unemployment rates remain low. We see this direct correlation in this year’s unemployment rates; if we compare the unemployment rates from the third quarters of 2014 and 2015, the rate is lower by 0.2 percentage points in 2015 which corresponds with the increase in the GDP annual growth rate mentioned earlier. Although the increase in GDP might not solely be caused by the lower unemployment rate,
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