Economic growth rate in North America increased to 2.2% in 2017 from 1.5% in 2016. Canada and the United States were among the top countries among advanced economies with GDP growth of 3.0% and 2.2% respectively, in 2017. The region’s manufacturing sector contracted by 1.2% while food & beverage registered a strong growth of 4.6%.

In 2017, The United States’ historical tax reform cutting down corporate tax rate to 20% from the current 35% is expected to boost investment, attract FDI and increase job opportunities in the economy. This will boost the country’s economy projected to grow at 2.3% in 2018. Canada’s economic growth rate is expected to slightly reduce to 2.1% annual growth in 2018, as the currently heated housing market is expected to slow down. Economic growth is expected to be supported by recovery of exports, increased government spending on infrastructure and increase in business investment.

The North American Free Trade Agreement (NAFTA) is currently being renegotiated in line with the United States’ President Trump’s America First agenda. Out of the seven scheduled negotiating rounds four rounds have been completed. The key area of disagreement has been the United States’ proposal requiring 50% of all NAFTA produced cars, trucks and large engines to come from the United States. The potential withdrawal of the United States from NAFTA is expected to slow-down trade in North America.

Country Coverage – North America
·     Canada
·     The United States
Year, Quarter and Month Coverage
·     Yearly Data: 2012 – 2021
·     Quarterly Data: Q1 2012 – Q4 2019
·     Monthly Data: January 2012 – December 2017