Canada has a robust, highly diversified, mixed economy that has made it one of the world’s wealthiest nations. The second-largest country on Earth in terms of landmass, Canada is rich in natural resources. As a result, primary industries play a major role in our economy.
In British Columbia, forestry industries are very important. In fact, Canada is the world’s leading exporter of wood, pulp, and paper products. In Alberta, the oil and gas industry is fuelling an economic boom, attracting entrepreneurs from all over.
Mining adds substantially to the prosperity of Ontario, which exports a wide variety of chemicals and minerals Quebec, Canada’s biggest province, is home to Hydro-Québec, the world’s largest hydroelectricity generating company which powers the Quebec economy, and beyond, with its vast reservoirs of clean, renewable energy.
Our manufacturing industries are often in the business of transforming the products of nearby natural resources. They are responsible for most of our exports and help drive our regional economies.
Cars, trucks, vehicle parts, and other transportation equipment make up the largest part of our manufacturing sector. And while we trade in plenty of manufactured goods with other nations, especially the United States, trade between provinces is very strong.
Major agricultural producer and exporter, Canada also have a thriving food processing industry, producing billions of dollars of grocery products for domestic and international markets. As with most modern economies, however, the service sector is Canada’s largest. It is responsible for fully two-thirds of our gross domestic product and employs three-quarters of our labor force.
Most service sector businesses are concentrated in and around our cities. We have a robust financial sector, a multibillion dollar professional services sector, and a thriving information economy.
With our productivity accelerating and our GDP growing by close to 3 percent annually, Canada has been shown to have been one of the strongest economies among the industrialized nations over recent years. Fiscally conservative, we have weathered the international financial crisis in much better shape than many other countries.
The World Economic Forum ranked Canada’s banking system as the soundest in the world and Moody’s Investor Service named Canada first in the world for financial strength. With the greatest growth in GDP in the G7, our low inflation and interest rates, combined with our strong currency, Canada is a very attractive destination for immigrant investors and likely to become even more so.
Original Article Source from World-Ranked Economies
