Canada is the second-largest country, covering roughly northern two-fifths of North America. Despite its great size it is rather one of the most sparsely populated countries in the world. Its rich heritage, multicultural settlements, and varying landscapes have made Canada more than just a place on the map.
Canada is the world’s tenth-largest economy as of 2018, with a GDP of approximately US$1.73 trillion. It is one of the least corrupt countries in the world and is among the world’s top ten trading nations. Canada has a mixed economy ranking above the U.S. and most western European nations on The Heritage Foundation’s Index of Economic Freedom and has a relatively low level of income disparity. Canada’s reliance on natural resources and its export marketing has emerged as the central pillar of the economy.
Agriculture
Agriculture employs around 4 percent of the Canadian labor force. Production of large volumes of food provides for both the domestic and export markets, raw materials for food processing, wholesale, and retail industries.
There are distinctive types of farming in different areas. Prairies- grain (particularly wheat), oilseeds, and cattle grazing. Central and eastern Canada-a wider variety of crops and livestock, and farmers tend to specialize in either a cash crop or a livestock type. Southwestern Ontario- maize, soybeans, and white beans. Both southern Ontario and southwestern British Columbia- a variety of fruits and vegetables.
Forestry
Almost half of Canada’s land area is covered with forest, which provides abundant resources for lumber, pulp, and paper. Canada is the world leader in the export of pulp and paper and exports large amounts of softwood lumber. British Columbia, Ontario, and Quebec are the leading provinces in the production of forest products.
Fishing
Canada has rich fishing grounds off both the Atlantic and the Pacific coasts. The most important fishing banks is the Grand Banks of Newfoundland. Bradelle Bank, Sable Bank, Georges Bank, and various others are found off the coasts of the Maritime Provinces.
Canada ranks among the leaders in the volume of fish exports because of the relatively small population and low per capita fish consumption. The most important species caught in eastern waters are haddock, redfish, flatfish, turbot, pollock, flounder, sole, halibut, herring, tuna, and lobster. Salmon and herring are the leading catches off the Pacific coast.
Mineral Resources
Canada is rich in mineral resources and is among the world leaders in the production of uranium, zinc, nickel, potash, asbestos, sulfur, cadmium, and titanium. It is also a major producer of iron ore, coal, petroleum, gold, copper, silver, lead, and a variety of iron alloys. Diamond mining, particularly in the NWT, is also significant. As mining is no longer as labor-intensive as it once was, it now employs only a small portion of the Canadian labor force.
Energy
Canada has rich hydroelectric power resources. It has about one-sixth of the world’s total installed hydroelectric generating capacity. Canada also has vast coal reserves, particularly in the western provinces, New Brunswick, and Nova Scotia. Canada can meet its own petroleum needs and has a surplus of natural gas and electricity. The largest producing oil and gas fields are in Alberta.
Manufacturing
Manufacturing accounts for about one-fifth of Canada’s gross national product and employs about one-seventh of the labor force. Canada’s iron and steel industry is modern and efficient and produces steel products for the manufacture of motor vehicles, mining equipment, and household appliances. Although there is some manufacturing in all large cities, more than three-fourths of Canadian manufacturing employment is located in the heartland, extending from Quebec City to Windsor, Ontario, on the periphery of the U.S. automobile-manufacturing center, Detroit, Michigan.
Trade
Trade has always been central to Canada’s economy. Canada’s economic development historically depended on the export of large volumes of raw materials, especially fish, fur, grain, and timber. However, raw materials have declined as a percentage of Canada’s exports, while processed, fabricated, and manufactured goods have increased.
Manufactured goods are the primary imported goods. Leading imports are- Automobiles and automobile parts and industrial machinery. Other significant imports are chemical products, textiles, petroleum, and vegetables in the winter season and tropical and subtropical fruits and nuts.
The U.S. is Canada’s chief trading partner, constituting more than two-thirds of all Canadian trade. Other important partners include China, the United Kingdom, Mexico, Japan, South Korea, and Germany.
Services
The service sector in Canada employs the majority of the people. Tourism is among the fastest-growing services. Canada is one of the world’s leading destinations for foreign travelers. Canadian and foreign travelers spend several billion dollars each year on transportation, accommodations, food, recreation, and entertainment as they travel in the country. Business services—particularly in computer applications—also have grown considerably.
Telecommunications
Canada has one of the world’s highest ratios of telephones per capita, with virtually all households having at least one phone. This penetration helped spur the development of Canada’s high-technology sector, particularly in Ottawa. New Brunswick was home to North America’s first fully digitized telephone network. Computer use in offices and homes is widespread, and Canada’s population has one of the world’s highest proportions of internet users. The country is also a global leader in the use of fiber-optics technology.
