National economy of Canada - industries, GDP and prosperity level

At present, Canada is one of the most developed countries in terms of economy. The standard of living of the local population of Canada is quite high, and in terms of its rates of development, may be inferior only to the United States of America. It is worth noting that such a high economic development is associated with many factors, first of all, with the location of the country. There is a huge amount of natural resources within her territory that the country uses competently. Also, Canada, during her formation, established a very close relationship with France and the United States of America, as well as the United Kingdom. This makes it possible to conduct active trade relations. It is in Canada that the United States of America sells a huge amount of products, which makes it possible to constantly raise the level of the country’s GDP.

However, in this situation there are also negative characteristics. Analysts believe that Canada is in great dependence on the economic and political situation of the United States of America, since it is with this state that its closest international relations are tied. The industry of Canada contributes about one third to the country’s GDP yearly. One-fourth of all able-bodied Canadians are also employed in this sphere. Thanks to good investments and state support, the country’s economy is constantly being modernized, such that at the moment it is characterized by high technical and technological level, as well as innovative developments in the processing of raw materials. Most industrial products are exported.

It is worth noting that in terms of energy independence, Canada is also equated with developed countries that have achieved great success in this area. The State is ranked fourth in the development of energy resources. At the same time, if we take into account the manufacturing of electricity per capita, Canada is the second largest in the world, second only to Norway. Due to her peculiar relief, the country was able to build a large number of hydroelectric power stations which provide most of the electric power in the country. About 20% of all electricity is produced at nuclear power plants. In addition, huge deposits of “black gold” are situated on the territory of Canada. Along with oil, various expensive underground minerals are extracted in the provinces of the country, including uranium, gold, copper and zinc. Aluminum is also actively mined. Copyright www.orangesmile.com

The country is also identified as the world leader in the field of construction of aircraft and subway trains. Agriculture received the greatest development only in the southern regions of the country due to the peculiar climate of the state and the expanse of its territory. In the northern regions, only fishing, hunting and reindeer husbandry are flourishing. In the central regions, much attention is paid to the cultivation of vegetables, berries and fruits, thereby providing the entire country with a sufficient amount of food products. The main grain crop of the country is wheat. A significant part of all grown wheat is exported. An important role is played by livestock, which is focused on the production of dairy product, as well as poultry.

External economic relations have also received significant development since the beginning of the two thousandth. Today, Canada is considered one of the most leading trading nations. In terms of foreign trade turnover, it ranks seventh. Her main economic and trade partner is the United States of America. Annually, there is an exchange of goods and services for the sum of over one and a half billion Canadian dollars between the two States. The service sector accounts for about 70% of the total GDP. In retail trade, is employed more than 10% of the total working population of the state. It is worth noting that in Canada, small commercial establishments have not received much development and most retail outlets are housed together in large shopping centers, including underground ones. Also, the most developed sphere of services is education and health care, as well as business services.

A few years ago, tourism in Canada was at a fairly low level. But, since the beginning of the 2000’s, a huge number of tourists from the United States of America have come to Canada. Consequently, the tourism industry has also developed. A special attraction for tourists is the legalization of casinos in Canada. The unemployment rate in Canada is 7%. Canada’s GDP per capita as of last year is $ 48,443. An average family earns about $ 25,000 a year, and the average salary of each citizen is about $ 3,700. A fairly serious problem for Canada is its small population density. As a result of this, huge resources are spent on the delivery of certain goods. Accordingly, prices of food products, clothing, and equipment are much higher than in the USA.