Chamber of Commerce Country Factsheet Last update: 09.08.2017
Your advisors at the Chamber of Commerce
- Diana Rutledge+352423939335
- Edith Stein+352423939482
A land of vast distances and rich natural resources, Canada became a self-governing dominion in 1867 while retaining ties to the British crown. Economically and technologically, the nation has developed in parallel with the US, its neighbor to the south across the World's longest unfortified border. Canada faces the political challenges of meeting public demands for quality improvements in health care, education, social services, and economic competitiveness, as well as responding to the particular concerns of predominantly francophone Quebec. Canada also aims to develop its diverse energy resources while maintaining its commitment to the environment.
Source: The CIA World Factbook - Canada
Economic growth is projected to increase in 2017, driven by expansionary fiscal policy, household wealth gains and a resumption in business investment, in particular in the resource sector following the rebound in commodity prices. In 2018, growth is likely to ease but remain robust, as government spending increases taper off. Consumer price inflation is expected to rise to above 2% in late 2018 as excess capacity is gradually eliminated and wage growth picks up.
The federal government’s mildly expansionary fiscal stance will hasten the economy’s return to full employment. Gradual removal of monetary stimulus from late 2017 is projected, in order to stabilise inflation at around the 2% mid-point of the official target range. Higher interest rates will take some of the wind out of booming housing markets and rapidly rising house prices. Nevertheless, macro-prudential measures, which were strengthened during 2016, should be tightened further to address economic and financial risks related to the housing market.
Recent increases in federal investment in physical infrastructure, social housing, education and innovation will improve Canada’s capacity to adjust to globalisation in an inclusive and efficient way. Adjustment pressures would be exacerbated in affected industries if the shift toward more protectionist trade policy in the United States continues. Adjustment capability would be enhanced by widening eligibility for active labour market measures and implementing systematic early needs assessment for all displaced workers. Initiatives to address the social problems of Canada’s Indigenous Peoples are also critical if growth is to be inclusive going forward.
Source: OECD - Economic Forecast
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 2.473 1.078 1.157 1.895 1.910 Gross domestic product, current prices 1,783.776 1,550.537 1,532.343 1,627.303 1,700.484 Gross domestic product per capita, current prices 50,252.088 43,280.329 42,319.067 44,412.121 45,862.573 Inflation, average consumer prices 1.920 1.105 1.621 2.067 2.083 Volume of imports of goods and services 1.759 0.290 -0.788 2.106 3.162 Volume of exports of goods and services 5.299 3.421 0.189 2.008 3.193 Unemployment rate 6.925 6.892 7.040 7.097 6.931 Current account balance -40.587 -48.965 -56.730 -50.067 -48.053 Current account balance -2.275 -3.158 -3.702 -3.077 -2.826
Source: IMF Statistics - Canada
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 01.17.1989 (Memorial 1991, A, p. 465 )
- Effective as of 07.08.1991 (Memorial 1991, A, p. 1368)
- Convention from10.9.1999 (Memorial 2000, A, no. 89, p. 2077 )
- Effective as of 17.10.2000 (Memorial 2000, A, p. 2948)
Air Services agreement
- Agreement from 06.23.2003
- Effective as of 23.06.2003
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Canada
Embassy of the Grand Duchy of Luxembourg in Canada
Ambassador with residence in Washington: Ms. Sylvie LUCAS
2200 Massachusetts Avenue N. W.
Washington, D.C. 20008
Tel: (+1-202) 265-4171 / 72
Fax: (+1-202) 328-8270
Economic and Commercial Attachés (AWEX)
Economic and Commercial Attaché with jurisdiction in Prince Edward Island, New Brunswick, Nova Scotia, Quebec, Newfoundland and Labrador : Mr. Daniel de PATOUL
1250 Rene-Levesque Ouest, H3B 4W8
Tel: +1 514 939 40 49
Fax: +1 514 939 39 49
Economic and Commercial Attaché: Mr. Frank Murari
2 Bloor Street West, Suite 2508 Box 86
Toronto, ON M4W 3E2
Economic and Commercial Attaché: Mr. Bart Schobben
221 West Esplanade (Suite 412)
North Vancouver, BC, V7M1A6
Annuler les modificationHonorary consuls
Honorary Consul with jurisdiction over the provinces of Alberta,
Yukon and Saskatchewan and the Northwest Territories: Mr. Z.G. HAVLENA
8944 Bayridge Drive, S.W.
Calgary, Alberta T2V 3M8 Canada Montreal
Teknica Overseas Ltd..
2500, 530 - 8th Ave SW
Calgary Alberta Canada T2P 3S8
Tel: +1 403 262 55 76
Fax: +1 403 262 35 56 / +1 403 266 43 95
Honorary Consul with jurisdiction over Quebec and the Atlantic provinces of Canada: Ms. Alain COTE
1 Place Ville marie, Suite 3000
Montreal, QC H3B 4T9
Tel: + 1 514 393 5317 / + 1 514 926 5317
Fax: +1 514 390 4111
Honorary Consul with jurisdiction over the Province of British Columbia: Mr. Ron L. BOZZER
Hungerford Tomyn Lawrenson and Nichols.
Barristers & Solicitors
1100 Cathedral Place
925 West Georgia Street
Vancouver, B.C. Canada V6C 3L2
Tel: + 001 604 408 5616
Fax: + 001 604 408 5637
Honorary Consul with jurisdiction over the Capital Region and Ottawa: Mr. Paul G. WILLOX
World Echange Plaza
45 O'Connor Street, Suite 1150
Ottawa, Ontario K1P 1A4
Tel: +1 613 755 4091 / +1 613 816 1955
Fax: +1 613 237 9145
Honorary Consul with jurisdiction over Ontario: Ms. Shauneen Elizabeth BRUDER
Royal Bank of Canada
310 Front Street West 2d, Floor
Toronto, Ontario M%V 3B
Tel: +1 416 955 7767
Fax: +1 416 955 8687
Country risk as defined by Office du Ducroire for Canada
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Additional information on Toronto, Montreal, Vancouver and Calgary.
- Canada's financial and business capital
- GDP of $260 billion
- 6 million regional inhabitants
- Largest natural resources stock exchange in the world
- 82 companies with over $1 billion in annual revenues
- Over 196,000 businesses
- $70 billion in goods and services exported annually
- Workforce of 3.2 million
- Well-educated and culturally-diverse population
Sector strengths: Financial services, Technology, Life Sciences, Clean-Tech and Renewable Energy
- Surface area of 4,000km2
- GDP of $161 billion
- 4 million regional inhabitants
- Lowest operating costs in North America
- Largest intermodal port in Eastern Canada
- Most direct access to the North American and European markets
- Top university city in Canada
- Over 40,000 university graduates each year
- 11 academic institutions, including four general-education universities (two French and two English)
- 54% of the population is bilingual (French and English)
- 60 international organizations
- 2,000 subsidiaries of foreign companies
Sector strengths: ICT, Aeropsace, Life sciences and Health Technology, Cleantech.
- GDP of $110 billion
- 2,3 million regional inhabitants
- Competitive tax regime
- Closest major port to Asia
- Some of the lowest energy rates in North America
Sector strengths: CleanTech, Information and Communication Technology (ICT), Digital entertainment and Interactve, Social Enterprise
- GDP of $97 billion
- 1,2 regional inhabitants
- Highest personal income
- Fastest growing labour force and lowest unemployment rate in Canada
- Sector strenghts: Energy, Manufacturing, Technology, Financial services sector
Of special interest: Plan Nord Quebec
Twenty-five years seem like a lifetime away, but the Quebec government's Plan Nord could result in a huge transformation of Northern Quebec in what's, in reality, a relatively short amount of time, given its ambitious objectives.
The numbers are nothing short of impressive. The Quebec Government projects Plan Nord to lead to over $80 billion in investments, $47 billion towards renewable energy and $33 billion for investments in the mining sector and public infrastructure such as roads, rail and airports. It will also create or consolidate about 20,000 jobs per year over a 25-year period. In its recently released plan, the government says it hopes the initative will be to the coming decades what the development of La Manicouagan and James Bay were to the 1960-70s.
The mining industry could play a huge part in this investment. The 1.2 million km area the plan covers is a wealth of untapped opportunities that could surely captivate the interests of domestic and global mining companies. This territory produces all of Quebec's nickel, zinc and iron ore, to name a few. There are already at least 11 new projects that could be launched in the coming years in the territory the Plan Nord covers.
Other useful links
- CIA World factbook on Canada
- Canada-Belgium-Luxembourg Chamber of Commerce
- Doing Business in Canada-The World Bank Group
- Montreal International
- Invest Toronto
- The Canadian Trade Commission Service
- Vanouver Economic Mission
- Calgary Regional Partnership
- Port of Montreal
- Plan Nord Quebec
The Chamber of Commerce and the country
- 16.03.2015 - 18.03.2015