Canada Economy Overview
Canada’s per capita national income is the second highest in the West and its per capita GNP is the third highest in the world. In the 1997 World Economic Forum Global Competitive Nations Report, Canada was ranked as the fourth most competitive country.
Canada is a resource-processing, technology-intensive country and the world’s largest recipient of foreign investment. Canada’s economic growth occurred mainly during and after World War II, when its gross national product (GNP) increased 20 times between 1940 and 1980, while its population only doubled, and its productivity was the second highest in the world, behind the United States. Today, Canada is one of the wealthiest countries in the world.
The three most important industries:
1. Natural Resources: Includes forestry, fishing, farming, mining, and energy.
Forestry: Canada is rich in forest resources, with a timber reserve of 19 billion cubic meters. Forestry production is fully mechanized, and the products are mainly lumber, plywood, pulp, newsprint, etc., which is an important source of foreign exchange for Canada.
Fisheries: Canada’s fisheries are very developed, mainly marine fishing, and two-thirds of its fishery products are exported (mainly to the United States), ranking third in the world in terms of export volume.
Agriculture: Canada is one of the world’s largest food producers and exporters, and ranks fifth in grain production and first in per capita production. Meat and dairy products play a significant role in exports, and their value exceeds that of food exports.
Mining: Canada has huge deposits of coal, iron, petroleum, natural gas, non-ferrous metals and rare metals. Canada is the world’s largest mineral exporting country, with diversified resources, high output, large export ratio, and the third largest mining output value in the world after the United States and Russia.
Energy industry: Canada has abundant water and fuel resources, and its energy industry is quite developed.
Manufacturing is Canada’s largest industry, mainly including paper, technical equipment, automotive, food, clothing and other industries. Canada’s largest trading partner in manufacturing is the United States.
3. Service Industry: Including transportation, education, health care, construction, finance, communications and government departments.
In addition, Canada’s recent development in high-tech industries such as electronics, biotechnology and environmental protection, as well as the growing involvement of international companies, has provided a strong guarantee for Canada’s continued economic development. It is worth mentioning that the rapid advancement of new information and communication technologies has led to the development of a series of industries and services related to promising high value-added products such as computers, mobile and satellite communications, software, etc. It has also led to the development of advertising, film, television broadcasting, cable television, and audio-visual manufacturing.
In the telecommunications industry, Canada’s progress in mobile communications, cell phones, satellite communications, fiber optic networks, digital data communications, etc. is recognized worldwide, and a number of industry giants have emerged.
For more information, please contact Newbarry College at (416) 230-1816.