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Home » Economy of the World » Canada
 

Canada Economy
Canada is a country located in the northern part of North America extending from the Atlantic Ocean in the east to the Pacific Ocean in the west. Canada isone of the wealthiest nation and a member of the Organization for Economic Co-operation and Development (OECD). International trade makes up a large part of the Canada Economy. United States is by far the largest trading partner, accounting for about 85 per cent of exports and 55 per cent imports for the year 2004. The economy of canada is based on free-economy. The govermental intervantion is slightly greater then United States and less than European nations. The per capital GDP of United States is less than United States. Being the second largest country in the world, Canada has considerable natural resources spread across the entire length of the nation.

In British Columbia, the forestry industry is of great importance, while the oil industry is central to Alberta's prosperity. Northern Ontario is home to a wide array of mines, while the fishing industry has long been a center to the character of the Atlantic provinces. These industries are increasingly becoming less important to the overall economy of Canada. Although only 4 per cent of the total population are engaged in this field and account for less than 6 per cent of the GDP but thi sis still a section of paramount importance in Canada Economy.

Canada is the leader in the production of many natural resources such as nickel, gold, diamonds, uranium and lead. Several of Canada's largest companies are based in natural resource industries, such as EnCana, Cameco, Goldcorp, and Barrick Gold. Energy export occupies a significant position in Canada Economy. Canada is one of those few developed nations that is a exporter of energy. Most important are the large oil and gas resources centred in Alberta, and also present in neighbouring British Columbia. Canada is also the world's highest per capita consumer of energy.



Cheap energy has enabled the creation of several important industries, such as the large aluminum industry in Quebec and British Columbia. Canada is also one of the world's largest suppliers of agricultural products, particularly wheat and other grains. It is a major exporter of agricultural products. The countries where Canada exports are mainly the United States but also to Europe and East Asia. Dairy and poultry farming are distributed across the country, but most of the production in the agricultural industry are found in central Canada. The service sector in Canada Economy is vast and multifaceted. It employs some three quarters of the population and accounts to two thirds of the GDP of Canadian economy.