Canada's Economy

Canada's Economy
Canada's economy is just like its cuisine, a mixture of many different things. Some of Canada's leading industries include the natural resource industry, manufacturing industry, and the service industry each of which play a very important and historical role in our economy.

The natural resource industry for example was one of the major reason's Canada was first settled back in the 15th century. The major abundance of fish was a great asset to the settlers back then and has maintained its imperative role in Canadian society even today. Whether it’s the East coast or West coast, Canada's oceans provide us with a large variety of fish including salmon, cod, prawns and even lobster that are still in great demand today.

Of course fishing isn't the only thing that makes up the natural resource industry; in fact it has many important parts that help drive our country. The forestry industry for example plays an even larger role in our economy then fishing. While you can only really fish where the oceans are accessible forestry is a staple that each region of Canada can rely on and in turn it makes up for a large portion of our profits.

Canada has also utilized Agriculture as a major part of our natural resource industry, building a reputation for ourselves through the goods we provide such as the P.E.I potato and our Grade A Alberta beef. This is an area where we take great pride, offering only the best quality in everything that is grown here and supplying an extremely large range of inventory covering everything from peaches to bacon.

One other area of the natural resource industry that cannot be overlooked is energy. Whether its Quebec's hydro electricity or Alberta's oil and gas this is one corner of our economy that definitely helps keep us running.

Since forestry plays such a leading role in our natural resource industry it really only makes sense that a large chunk of our manufacturing industry would be based around trees as well. This of course is most definitely the case, just take a look at the research paper titled "The Lumber Industry: Crucial Contributor to Canada’s Prosperity"* conducted by Daniel Dufour. The report states how in 2001 Canadian forest industry exported more then 38 billion dollars worth of product, accounting for about 10 % of national merchandise exports that year, three quarters of which came from the lumber industry.

Obviously this makes the manufacturing of lumber a very crucial part of our economy but the forestry industry created more then just a large profit in this area but also in the manufacturing of paper, and even machines like loaders and bunchers (the kind they use to cut down the trees). There is other areas of manufacturing that has helped in Canada's economy as well, such as Ontario's auto industry, the manufacturing of food, clothes and even plastics and metals each of these help steadily boost our economy.

The largest industry in Canada however is the service industry which covers everything from lawyers to the cute guy who took you on a tour of the Niagara Falls last summer. It employs about three quarters of Canada‘s working population, more then any other industry in the country.

Of course this does not mean that the greater majority of Canadians work at Macdonald’s or A&W, the service industry covers much more then this. In fact many of the people working in the service industry work government jobs or even banks.

Each of these industries has earned Canada one of the highest levels of economic freedom in the world** and has the 10th largest economy***. Even during the recent economic crisis Canada has still been able to maintain a good stamina and rank as one of the world's wealthiest countries.**

*The Lumber Industry: Crucial contributor to Canada’s prosperity accessed April 6th 2010
**Economy of Canada - Wikipedia accessed April 6th 2010
***List of countries by future GDP(nominal) estimates - Wikipedia accessed April 6th 2010

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