Economy Of Canada

The economy of Canada is largely service oriented, with 69.8% (Updated as per 2012 census) of the GDP being contributed by the Services sector. Industry contributes 28.5% and agriculture 1.7%. In the year 2010 the GDP was estimated at a whopping $1.6 trillion (2016 update).

Before World War II, the economy was primarily agrarian, but with the growth of mining as an industry, agriculture soon took a backseat. Owing to its large resources of mineral deposits, it is no wonder that Canada’s major exports are petroleum, energy, natural gas, aluminum, timber besides aircraft & industrial machinery and telecommunication equipment. A healthy sign of Canada’s economy is that it exports more than it imports.

12.9 % Canadians live below the poverty line and unemployment rate is a mere 6.8% (January 2017). Today, the Canadian economy closely resembles that of its neighbor, the USA; the Canadian dollar too is gaining strength and ground against the US dollar.

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