NORTH AMERICA
The geographic area of North America also covers Central America and the Caribbean nations as well as the USA and Canada. This amounts to some 528 million people in total and there are two very different sides to the economy. The USA and Canada are highly developed and very wealthy, while Central American countries and those in the Caribbean are not as developed and much poorer as a result. Somewhere in the middle of this is Mexico. Mexico has the status of an NIC (newly industrialised country) and is now part of the North American Free Trade Agreement (NAFTA) as well as being a member of the Organisation for Economic Co-operation and Development. It should be noted that the USA has the largest economy of all of these countries and is in fact the world’s largest national economy.
Figures produced for 2013 show that the USA had a GDP per capita of $53,000 with
the services sector accounting for more than three-quarters of this. Industry and manufacturing is a further 22% and the rest is agriculture. The situation in Canada is that the GDP per capita is just below $46,500 with a similar divide in industries. Mexico still has a long way to go to catch up with a GDP per capita of $1,000 and this is largely due to much of its industry still being in the process of modernisation - although investment is in place and growth is expected to continue.
The NAFTA agreement has allowed trade between Canada, the USA and Mexico to increase in recent years. Mexico in particular has managed to treble its trade with both countries. Exports from Canada are largely destined for the US, with its neighbour accounting for around 85% of all Canadian exports.
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