Canada is historically famous as a trading nation. Their stable and growing economy is what allows Canadians to maintain a high living standard. Canada is counted among the top 10 economies of the world along with France, Russia, the United States, Germany, the United Kingdom, Italy, and Japan. Check all the major points about basic Information about Canada’s Economy
Three Main Industries
1. Service industry
The service industry of Canada creates jobs in various fields, including transportation, education, healthcare, construction, banking, communication, retail and tourism. Approximately 75% of the labour force of Canada is involved in a job in the service industry.
2. Manufacturing industry
The manufacturing industry of Canada is responsible for making various products that are then either sold in Canada or exported around the world. These products include paper, high tech equipment, aerospace tech, locomotives, food and clothing.
3. Natural resources industry
Natural Resources play a key role in the development of Canada. This industry has under it the forestry industry, fishing industry, agriculture, mining and the energy industry. The economy of Canada depends significantly on the growth of the natural resource industry.
Oil & Gas
Most of Canada’s oil is found in the oil sands in crude form. Saskatchewan and Alberta are the provinces with the largest onshore reserves of oil in Canada. The province of Nova Scotia, as well as the provinces of Newfoundland and Labrador, have offshore oil reserves. Apart from the oil industry itself, there are many oil-related industries such as petrochemical industries and plastic industries. Edmonton and Calgary in Alberta house many oil laboratories.
Apart from oil and gas, Canada also has coal deposits in British Columbia and Alberta. These are exported to Asian countries. Uranium and many other minerals are found in Quebec and wind farms of the country are housed in Alberta, Quebec, Nova Scotia and Prince Edward Island.
However, hydroelectricity is the main source of renewable energy in Canada. Hydroelectricity plants can be found in every province of the Canadian nation except in Prince Edward Island. Many provinces export large quantities of the renewable energy that is left after providing electricity to Canadians at low costs. Quebec exports to Vermont, Massachusetts, New York as well as other Canadian provinces.
This industry is involved in the manufacture of food, machinery, motor vehicles, and aerospace manufacturing. Ontario is the manufacturing hub of General Motors, Ford and Chrysler. Quebec is mostly involved in the manufacture of snowmobiles, buses, aircraft and trains that are sold all over the globe.
Canada’s diverse geography, history and culture make it a tourist hotspot. The northern territories are especially famous for their Northern Lights. This industry employs over 1.7 million people generating over $92 billion in annual income.
Canadian countryside is covered by farms that grow grain, fruits, vegetables and raise cattle for dairy and meat. They also take the responsibility for the production of wines, beer, candy and whiskey from food crops. Canada also produces and exports honey and maple syrup.
The Federal Government of Canada provides quality education and universal healthcare to Canadian citizens. Secondary level education is almost free of cost for citizens of Canada. Necessary health and medical treatments are provided at negligible costs. It also provides employment and income to its residents. Basic Information about Canada’s Economy
A stable economy along with universal healthcare and quality education are the reasons why millions across the globe immigrate to Canada. You can also live in Canada as a temporary foreign resident or a foreign national with a student visa, tourist visa, travel visa, business visa, work visa, investor visa, immigration visa or a spouse visa. Find out the visa requirements, visa services available, types of visas, how to apply and if you need a visa.
Apart from citizenship and immigration to Canada, you can also gain permanent residency in Canada through the various programs designed by the Canadian Government. So do not delay any longer. Find out what pathway is best for you from your Immigration consultant according to the Canadian Immigration Law, and grab the chance to visit Canada today!
Here all the major points about Basic Information about Canada’s Economy.