The broadest measure of living standards is a country’s gross domestic product (or GDP) per capita, which measures the total value of goods and services it produces each year, divided by its population. As this figure shows, in 2014 the United States and Canada had roughly similar GDP per capita. Since then, the gap with the US has widened significantly and Canada now sits behind, Sweden, Australia, and the United Kingdom, too.
To learn more about how Canada could help strengthen its economic growth and improve living standards, read our new Productivity Blueprint.
