Economy of Canada

 

The economy of Canada has been growing steadily over the past several decades. The economic revolution of 1800s helped the country attain substantial economic growth in almost all sectors of business and trade. New technological innovations have greatly reshaped the country's economy. The economy of Canada is dominated by the service industry employing three quarters of the Canadian population. There is also a huge manufacturing sector in Canada. International trade constitutes a large part of the country's economy, with the United States as the main trading partner.

Canada's economic welfare lies in its wealth of natural resources, strong manufacturing sector, sound financial and service sectors, innovative technologies and dynamic international trade relations.

Canada falls under the high- income OECD countries with a GDP of $1.165 trillion (2006) and a GDP growth of 2.8% (2006).

Major Economic Sectors


Agriculture

Canada is a major supplier of agricultural products worldwide like wheat and other grains. The country's major trading partner is the United States followed by Europe and Asia. Over the last decade, the proportion of the population and GDP in the agricultural sector has declined drastically. The Agricultural sector accounted for only 2.3% of the country's GDP in 2004.

Manufacturing

Manufacturing falls under the secondary industrial sectors of Canada and accounted for 26.4% of the country's GDP in 2004. Southwest Ontario has a major manufacturing sector with automobile as the primary industry. Ontario houses the branch plants of the leading automobile manufacturers of USA and Japan. There are also many Canadian parts factories in Ontario, like Magna International and Linamar Corporation. Currently Ontario manufactures more vehicles than its neighboring state.

Services Sector

The services sector dominates the economy of Canada. It accounted for 71.3% of the country's GDP in 2004, employing about three quarter of the Canadian population. The retail sector is the largest employer under the services sector, employing about 12% of the country's population. The business services like financial services, real estate and communication industries employ a relatively small percentage of the population.

Other service sectors include:

•  Health and Education Sectors

•  Hi –tech Industry

•  Entertainment Industry

•  Tourism

It is to be noted that the health and education sectors are the country's largest sectors but are mostly under the supervision of the government.

This article gives an overview of the economy of Canada. For more information on Canada, keep flipping through the pages of 123independenceday.com.

 

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