The economy of North America comprises more than 528 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 the countries of Central America and the Caribbean that are less developed.
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 Organisation for Economic Co-operation and Development (OECD), being one of the only two Latin American members of this organisation (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 and 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 $13,900, and per capita 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 The country has both modern and outdated industrial and agricultural facilities and operations, and is modernizing in sectors such as energy production, telecommunications and airports.
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“I knew that the wall was the main thing in Quebec, and had cost a great deal of money.... In fact, these are the only remarkable walls we have in North America, though we have a good deal of Virginia fence, it is true.”
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“When the Somalians were merely another hungry third world people, we sent them guns. Now that they are falling down dead from starvation, we send them troops. Some may see in this a tidy metaphor for the entire relationship between north and south. But it would make a whole lot more sense nutritionally—as well as providing infinitely more vivid viewing—if the Somalians could be persuaded to eat the troops.”
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“You cannot become thorough Americans if you think of yourselves in groups. America does not consist of groups. A man who thinks of himself as belonging to a particular national group in America has not yet become an American.”
—Woodrow Wilson (1856–1924)