Economy of Canada

Canada is one of the wealthiest states of the world, the gross domestic product (GDP) of Canada is about 1432,140 Billion. US dollars, so the state is GDP rank 14 worldwide. In purchasing power parity, Canada is up to 1265.838 billion dollars in 13th place.

Canada is considered a social market economy, but the economic margin for maneuver is very large, in the „Index of Economic Freedom,“ of the Heritage Foundation Canada will be rated higher than most western European countries and slightly lower than the USA. As in other developed countries the Canadian economy is dominated by the services sector. The primary sector anyways is above average , which is due to the abundance of natural resources and their exploitation.

Regarding commodities mining is the most important to the canadian state because of its abundance of natural resources. Canada is the world’s largest producer of zinc, uranium, potassium, cadmium, sulfur and nickel. In the cases of the degradation of aluminum, titanium, cobalt, molybdenum, gold and lead the country ranks third. About 80% of the exploited resources are exported, mainly to the United States of America.

Even though only 8% of the canadian area is used for agriculture, Canada is one of the world’s largest exporters of agricultural products. The Canadian agriculture can be divided into five main groups: Primarily intended for export are cereals and oil seeds (34% of agricultural income) and meat products and live cattle (27%). Destined for the domestic market are dairy products (12%), fruit and vegetables from the garden (9%) and poultry and eggs (8%). The undertakings are highly modernized and mechanized.