Important facts about the economy of Canada

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Canada’s economy is ranked among the most robust economies of the world. It is one of the world’s richest countries. The economy of Canada is primarily dominated by the service industry. About 40 percent of Canada’s economy comprises the private sector, whereas 60 percent is made of the public sector.

GDP

Canada’s GDP is $1.6 trillion. It is ranked at number 10 in terms of nominal GDP and number 15 in terms of PPP. The GDP of Canada grows at a rate of 0.5 percent that is expected to achieve 2.2 percent.

Major industries

The driving force of Canada’s economy is the service industry. More than 70 percent of the population is employed in the service industry. Other major industries of Canada include the transportation sector, mineral and natural gas, fishery, paper industry, and chemicals. Canada is one of the top producers of mineral like gold and nickel. Furthermore, the country is home to the world’s second largest natural oil industry in the world.

Key exports

The key exports of Canada include vehicles, vehicle spare parts, heavy-duty machinery, paper, plastic, airplanes, telecom equipment, chemicals, timber, natural gas and oil, and fertilizer.

Major export partners

Canada’s major export partners are the United States, China, Japan, India, South Korea, and Mexico.

Major imports

Canada’s major imports include crude oil, electricity, fast-moving consumer goods, chemicals, and machinery.

Leading import partners

Canada’s key import partners include the United States, China, Germany, UK, Japan, and Mexico. Canada’s imports from the US accounts for about 60 percent of its total imports.

Economic challenges

Some of Canada’s economic challenges include its primary dependence on natural resources that are unequally allocated. This has triggered uneven economic growth in the region. The misuse of natural resources has negatively affected the natural environment, reducing the production of fishes and resulting in forest shrinkage.

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