Canada Economy 2014
Economic Profile of Canada
Canada is the second largest country in the world with a population estimated to be 34,198,000 in the year 2010. The northern region of North American continent is majorly occupied by the land of Canada which shares border with USA. Trade, agriculture, mining and the industries are the main source of income for the country. The state has a market oriented economic system enjoying one of the highest economic freedoms worldwide. Canada is among the wealthiest nation in the world and is ranked tenth in the economic status. At present the GDP growth rate in the country has decreased by a 2.4 percentage due to the recession effect.
Major Sources of Economic Income
The primary sector is very much efficient in Canada when compared to other developed countries. Mining, forestry, agriculture and fishing are some of the economically important sectors of Canada. These together forms only somewhat below 10% of the country's total GDP and the main contribution towards the total GDP is from the service industry. The manufacturing industry is also an important source of income for the country though it has greatly declined when compared to the last few decades.
Canada Agriculture & Canadian Economy
The agricultural products form one of the main exports of the country and Canada is the major supplier of wheat and other food grains. It is also the No 1 exporter of food and agricultural products in the world. Though it is the biggest exporter of agricultural products, many places in the country are not fit for cultivation of crops or for any agricultural use due to the location of metal mines in these areas and the agriculture sector have declined over years. United States, Europe and Asia are some of the places to which the agricultural products from Canada are mainly exported.
Natural resources of Canada & Canadian Economy
Canada is blessed with the deposits of natural resources like petroleum, natural gas, copper, coal, gold and iron. And the country also has rich forests and good supply of fish which have helped greatly in the economic growth of the country and have aided in the export related income. Canada has the second largest deposit of oil in the world, and natural oil, gas and timber are among the main export items from Canada.
Due to the abundance of the natural energy reserves in Canada, it is relatively very cheap and has aided the growth of a number of industries like the aluminum industry. Canada is also among the very few developed countries which are involved in the export of energy and this export collects approximately 3 percent of the total GDP towards the country's income, the major consumer of the oil from Canada being the United States
Canada ManufacturingIndustries & Canada Economy
As is with the other developed countries, Canada also started to concentrate on the manufacturing industry by the World War II and the manufacturing sector was at its peak in the year 1944 when around 30 percent of the country's total GDP was obtained from this sector. But the manufacturing industry slowly declined in the country and at present only 13 percent of the country's GDP is acquired from manufacture related activities. The major manufacturing sectors in Canada are linked with the natural resources, the wood and pulp industry being the biggest. The country is also involved in the manufacturing of automobiles spare parts, and vehicles. Automobile export also serves a major share towards the country's income from trade.
Canadian Service Sectors & Canada Economy
This is the largest sector in Canada with more number of people employed in it and with the most contribution towards the country's Canada GDP (33 percent). The retail sector which absorbs over twelve percent of the total work force of the country is the major service sector in Canada, the next being business services. Tourism, real estate, banking & financial services and entertainment are other service sectors of the country which also supports the economy of Canada. The health and the education sector of Canada which are also among the major services are directly under the government authority.
Canada Trading & Canada Economy
International export forms the major part of the country's economy (canada economy). The natural resources, agricultural products, automobiles, paper and pulp and energy are some of the major export items of Canada. In the last year, these comprised almost 59 percent of the total export from Canada; the remaining part of the export items were machineries electrical equipments, automotive parts, and other consumer goods.
United States is the main trade partner of Canada and it markets nearly 80 % of the export from the country and over 63 % of the imports into Canada come from the US. It is also the major consumer of energy from Canada with the national electricity grid of the two countries being linked. Other trade partners of Canada are the United Kingdom, China, Mexico, and Germany.