Explanation:
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<em><u>THE CANADIAN ECONOMY</u></em></h2>
Canada has the ninth largest economy in the world (measured in U.S. dollars at market rates), is one of the richest countries in the world, and is a member of the Organization for Economic Co -operation and Development (OECD) and the Group of Eight . As with other developed countries, the Canadian economy is dominated by the service industry, which employs about three-quarters of Canada. Canada is uncommon among developed countries in the importance of the basic sector, with logging and the oil industry being two of Canada’s most important. Canada also has a sizable manufacturing sector, based in the State of Canada, with industrial cars being very important.
Canada has one of the highest levels of economic freedom in the world. Today Canada resembles the United States in market-oriented economic systems, and production patterns. As of December 2010, Canada’s national unemployment rate stood at 7.6% ) as the economy continued its recovery from the effects of the 2007-2010 global financial crisis. In May 2010, the provincial unemployment rate varied from a low of 5.0% in Saskatchewan to a high of 13.8% in Newfoundland and Labrador. According to the Forbes Global 2000 list of the world's largest companies in 2008, Canada has 69 companies on the list, ranking 5th next to France. In 2008, Canada's total government debt burden was the lowest in the G8.
International trade forms a large part of Canada’s economy, particularly its natural resources. In 2009, agriculture, energy, forestry and mining exports accounted for about 58% of total Canadian exports.Machinery, equipment, automotive and manufacturing products accounted for 38% more than exports in 2009.In 2009, exports accounted for about 30% of Canada’s GDP. The United States is by far the largest trading partner, accounting for about 73% of exports and 63% of imports in 2009. Canada's combined exports and imports ranked 8th among all nations in 2006.
Canada has considerable natural resources spread over varying regions. For example, in British Columbia the forestry industry is very important, while the oil and gas industry is important in Alberta, Saskatchewan and Newfoundland and Labrador. Northern Ontario is home to a variety of fares, while the fishing industry has long been central to the character of the Atlantic provinces, despite recent sharp declines. Canada has mineral resources of coal, copper, iron ore, and gold.
Basic industries are becoming less important for the economy as a whole. Only some 4% of Canadians work in the field, and they account for 6.2% of GDP. They are still many of the most important parts of the country. Many, if not most, cities in northern Canada, where farming is difficult, exist because of a nearby mine or timber resources. Canada is a world leader in the production of many natural resources such as gold, nickel, uranium, diamonds and tin. Some of Canada’s largest companies are based in the natural resources industry, such as EnCana, Cameco, Goldcorp, and Barrick Gold. Most of these products are exported, mainly to the United States. There are also secondary industries and many services that are directly related to the basic ones. For one example the largest manufacturing industry in Canada is the [porridge [and paper] sector, which is directly related to the logging industry.
