Economy of North America is made of over 528 million people. This is 8 percent of the global population. It has 15 independent territories and 23 sovereign states. North America is characterized by clear division between the United States and Canada which are predominantly the English speaking regions as well as the richest and developed nations globally on one hand and the Caribbean found in formerly Latin America and Central America counties that are among the less developed states in the world.
Caribbean nations that are members of the common wealth and Mexico are between economic extremes of economic development in North America. Mexico is between the two extremes because it is a newly industrialized country.
It is also part of North America Free Trade Agreement as well as a member of Organization for Economic Cooperation and Development. It is one of the two countries in Latin America that are members of this organization.
By far, the United States is the largest economy of North America. It is also the largest economy globally. Economic systems of Mexico, Canada and the United States are multifaceted and significant. Per Capita gross domestic product of the US was estimated to be $47,200 in 2011. It was also found to be the most developed economy technologically in North America.
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Services sector of the United States comprises of 76.7 percent of the GDP of this country according to estimates made in 2010. Industry sector comprises of 22.2 percent of the GDP while agriculture comprises of 1.2 percent.
Economic trends of Canada are also similar to those of the US. Services sector is experiencing significant growth. Other economic sectors that are also experiencing significant growth include the manufacturing and mining sectors. In 2010, the GDP of Canada PPP was estimated to be $39,400. The service sector of Canada comprises of 78 percent of its GDP, the industry sector comprises of 20 percent while the agriculture sector makes 2 percent of the GDP of Canada.
GDP of Mexico PPP was estimated to be $15,312 in the same year. Per capita income of Mexico is estimated to be about one-third that of the US. Agricultural and industrial operations and facilities in Mexico are both outdated and modern. The country is modernizing in various sectors including telecommunication, airports and energy production.
Despite facing these economic challenges, North America has a great economic potential. This is because it has mineral deposits, oil, plentiful freshwater, fertile soils, and forests. It also has a strong export and domestic economy that is focused on its wide range of natural resources. This has enabled North America economy to compete favorably globally.
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