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Economy of Canada

Canada has the 11th (nominal) or 15th-largest (PPP) economy in the world (measured in US dollars at market exchange rates), is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development (OECD) and Group of Seven (G7). As with other developed nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians. Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada's most important. Canada also has a sizable manufacturing sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. With a long coastline, Canada has the 8th largest commercial fishing and seafood industry in the world. Canada is one of the global leaders of the entertainment software industry.

Gross Domestic Product (GDP)

The OECD provides data for example comparing labour productivity levels in the total economy of each member nation. In their 2011 report Canada's Gross Domestic Product (GDP) was $CDN 1,720,748 million.

In the International Monetary Fund's (IMF) quarterly World Economic Outlook released in April 2015, the IMF forecast that Canada's real gross domestic product (GDP) would grow 2.2 percent. In the July World Economic Outlook the IMF forecast that Canada's real GDP would grow by 1.5 per cent in 2015.

Key Industries

The Canadian economy in 2012, composed of the industries listed below, had a relative weighting - as a percentage value of GDP:-

12.34 Real estate and rental and leasing

10.86 Manufacturing

07.96 Mining quarrying and oil or gas extraction

07.03 Health care and social assistance

06.90 Public administration

06.55 Finance and insurance

05.41 Wholesale trade

05.41 Retail trade

05.38 Educational services

05.21 Professional scientific and technical services

04.20 Transportation and warehousing

03.31 Information and cultural industries

02.58 Administrative and support, waste management and remediation services

02.46 Utilities

02.10 Accommodation and food services

02.04 Other services (except public administration)

01.59 Agriculture forestry fishing and hunting

00.76 Management of companies and enterprises

00.75 Arts entertainment and recreation

Service sector

The service sector in Canada is vast and multifaceted, employing about three quarters of Canadians and accounting for 70% of GDP.

The education and health sectors are two of Canada's largest, but both are largely under the influence of the government. The health care industry has been quickly growing, and is the third largest in Canada.

Manufacturing

A 2009 study by Statistics Canada also found that, while manufacturing declined as a relative percentage of GDP from 24.3% in the 1960s to 15.6% in 2005. As of 2010, manufacturing accounts for 13% of Canada's GDP.

Energy

Canada is one of the few developed nations that is a net exporter of energy - in 2009 net exports of energy products amounted to 2.9% of GDP.

Agriculture

Canada is also one of the world's largest suppliers of agricultural products, particularly of wheat and other grains. Canada is a major exporter of agricultural products, to the United States and Asia.

Canada spent approximately CDN$4.6 billion on supports for the industry.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Canada"

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