Canadian Economy - Citizenship and Immigration in Canada | SolidVisa
Canadian economy is a reason why you should immigrate to Canada

The Canadian Economy Overview

 

 The second largest country in the world by territory, the Canadian economy is the tenth largest in the world. The country consists of ten provinces and three territories. The country is a member of the Organization for Economic Co-operation and Development and G7.

 The Canada Economy is highly developed and mixed. The service industry has the highest influence, as it employs about three-quarters of Canadians. Canada takes fourth place for natural resources all over the world. Natural resources play a vital role in generating income of Canada. Energy resources contain natural gas, crude oil, crude bitumen (oil sands) and coal. About mineral resources, they include gold-silver, nickel-copper, copper-zinc, lead 0zinc, iron, molybdenum, uranium, potash, and diamonds. The government of Canada prioritizes green environmental policies, focusing on the fossil fuel industry, as it is crucial to the Canadian economy.

 Canada possesses successful industries which continue to prosper from year to year and strengthen the economy of the country. In fact, Canada is one of the largest suppliers of agricultural products all over the world. The country is also one of the largest exporters in the world. The main export is the crop, which is mainly exported to South America. The Agriculture sector is a very important sector. Besides, it contributes to the lives of all Canadians and the country’s economy, employing lots of local residents and immigrants.

 

Leading Industries of the Canadian Economy

 

 Canada is a world leader in energy resources, having the third largest oil reserve in the world. Moreover, it also leads to hydroelectric power. Quebec, Ontario, and Saskatchewan all use a large amount of hydroelectric energy.

 Canada’s oil export contributes to the country’s GDP a lot. In addition, Canada possesses solar and wind energy production as the next major energy industry.

 

Canadian Economy: Service Industry

 

 The service industry in Canada covers different sectors making almost 70 percent of the GDP. The retail sector is a job provider for over 12 percent of the Canadian population. Real estate, financial services, and communications are all part of the business services sector, which ranks second in this industry. Recently the sector has seen a significant increase due to high demand. As for education and healthcare, these sectors are primarily controlled by the government. There has been growth in healthcare, which is the third largest sector in the country. Tourism plays an important role in the Canadian service industry.

 

Canadian Economy: Service Industry

 The service industry in Canada covers different sectors making almost 70 percent of the GDP. The retail sector is a job provider for over 12 percent of the Canadian population. Real estate, financial services, and communications are all part of the business services sector, which ranks second in this industry. Recently the sector has seen a significant increase due to high demand. As for education and healthcare, these sectors are primarily controlled by the government. There has been growth in healthcare, which is the third largest sector in the country. Tourism plays an important role in the Canadian service industry.

 

Canadian Economy: Energy Industry

 Canada boasts a diverse abundance of energy resources, which include crude oil, coal, nuclear energy, renewable energy, natural gas and more. In 2017, Canada’s energy sector employed over 276, 000 people and indirectly provided more than 624,000 jobs. The energy sector makes nearly 11% of nominal GDP. The government also supports energy research. For example, in 2016-2017, the government spent more than $650 million on energy research.

 Despite large amounts of energy resources, the Canadian economy prosperity and competitiveness will greatly rely on lowering the use of carbon. The country makes efforts to create a cleaner environment for future generations. Financial contributions to clean technologies and boosting energy efficiency help to achieve this goal.

 Hydroelectric power is widely used, remaining an inexpensive source of energy in the country. The availability of cheap energy has made possible growth of several key industries such as the aluminum industries in Quebec and British Columbia.

 

Canadian Economy: Manufacturing Industry

 Manufacturing contributes a lot to Canada’s GDP as well. The industry accounts for more than $170 billion of the GDP and it represents over 10 percent of the GDP. Additionally, manufacturing industry contributes to the growth of well-paying jobs across the country. The sector became more contemporary and innovative in the last years and it continues to contribute to the growth of the Canadian economy for the following years. Aircraft and automobile manufacturers are the key players. Canada also has branches of major Japanese and American automobile manufacturers. And currently, it is the fourth largest automobile exporter in the world.

 

Canadian Economy: Agriculture Industry

 Canada’s wheat and other grain products go to the US and Asian markets. In fact, it is a major supplier of agricultural products in this sense. The government gives priority to the agriculture sector by allocating significant investments. As forests cover about 42% of the land acreage, it provides all the conditions of the thriving forestry industry. Canada is the second largest exporter of forestry products, such as wood pulp, structural wood panels, printing and writing paper, newsprint, softwood lumber, and other products. Although the country struggles with attracting more employers in the industry, it remains vital to GPD of the Canadian economy.

 

Canadian Economy: Mining Industry

 Mining is one of the engines of the Canadian economy. It accounted for $97 billion to the GDP in 2017. More than 632, 000 people work in mineral extractions, smelting, fabrication, and manufacturing. Lots of indigenous people are also employed in the mining industry. As a matter of fact, there are over 455 active agreements between mining private companies and different indigenous communities. These agreements are of great importance to local communities. They help to facilitate education, skills training, business development and so forth.

 The mediate annual salary for a skilled worker in mining usually is higher than the forestry, manufacturing, finance and construction sectors.

 Canada is among the top five countries in global production of potash, uranium and niobium, nickel, gemstones, cobalt, diamonds, titanium, gold, and other products.

 

Canadian Economy: Fishing Industry

 The country is not only surrounded by the Arctic, Atlantic, and Pacific Oceans, but it is also home to the Great Lakes. So Canada has the world’s most diverse fisheries in the world that contribute to Canada economy. Top Atlantic species are lobster, snow crab, shrimp, scallops and Greenland turbot. Top Pacific species include salmon, halibut, geoduck clams, spot prawns and Dungeness crab.

 Canada’s fishing and aquaculture sectors provide over 120,000 jobs in Canada. The fishery is the main economic driver of rural and coastal communities throughout Canada.

 A majority of fishing activities take place off the Atlantic coast of the country from Nunavut down to the American border. The Great Lakes also provide a good amount of fish. Major freshwater commercial species are yellow pickerel, perch, whitefish, white bass, and smelt.

 In terms of its exports, Canada is a major supplier of seafood to the US, the EU, Japan, and Hong Kong.

 

The Economic Overview of the Canadian Provinces

 

 Canada is divided into four major geographical regions – Ontario, Quebec, the West, and Atlantic Canada. As a result, the economy of provinces is affected by their industrial location, urbanization, land use and migration. So for example, the four Atlantic provinces of Canada used to be behind in terms of their contribution to Canada economy. However, Newfoundland and Labrador and the other Atlantic provinces saw a significant increase in recent years due to the development of its coveted minerals, hydroelectric capacity and offshore oil. Today they boast an average contribution to the country’s per-capita GDP output. Yet one of the biggest challenges has been the lack of population growth and an aging population. This is why the Atlantic government seeks to solve the problem by attracting more immigrants to those provinces. The local government offers a variety of immigration programs or pathways for skilled workers, international students, and entrepreneurs.

The province of British Columbia and Alberta are the fastest growing regions of the Western territory. While the GDP rate across Canada is projected to slow down in 2019, for the most part, Western Canada will likely surpass the national average. Likewise, Western Canada showcases excellent opportunities for small business and trade. As a matter of fact, Alberta has the highest number of small and medium-sized companies per capita than any other Canadian province.

 Due to its central geographic location in Canada, Ontario always experiences thriving economic success. Major manufacturing sectors, such as auto-making, food and beverage, fabricated metals and others are operating in Ontario.

 Here is the full list of provinces. To find out more about the economic outlook of each province, check out the list below: