Nickel Ocean

FAQ On Canadian Economy

The Canadian economy is a complex mixture of service, manufacturing, and primary sector pursuits that is dominated by the service industry; however, unlike many developed nations, an important part of Canada’s economy is the exploitation of raw materials, including oil, natural gas, gold, nickel, diamonds, lead, trees, and uranium. In this regard Canada is not your typical developed country, as it still heavily relies on its raw material extraction industry, compared to other developed nations already overweight in the service industry. In contrast to most wealthy nations, Canada is an overall producer of world energy as it exports more oil and natural gas than it consumes. This net production of energy is largely due to the extensive research and development of hydroelectric and nuclear power, and the resulting glut of inexpensive energy from efficient producers facilitates the rise of large manufacturing industries.

Although agriculture in Canada employees only 2% of the Canadian labour force, Canada remains one of the world leaders in farming exports. Though its most extensive exports are wheat and grain, areas in British Columbia also produce wine and a plethora of fruits. The fishing industry has been very important to Canada throughout its history, however overfishing especially in the Eastern provinces, has done a serious damage to the industry. Canadian fishing industry problems, has helped Scandinavian countries to establish themselves as a top player in the international fish market.

Though manufacturing jobs have long been a secondary source of vocation in Canada, they still encompass approximately 27 percent of the nation’s workers. Many United States car companies outsource the manufacturing to Canada because of its lower wage requirements for workers; additionally, the state-funded health care system minimizes the cost of hiring employees. Paralleling American outsourcing to Canada, however, many Canadian companies, because of the current economic climate, are closing factories in Canada and moving them to countries with fewer restrictive laws or tariffs, crippling the economies of Ontario, Oshawa, and Windsor.

The most extensive segment of the economy of Canada is the services market, including retail stores, health care, financial services, real estate, and multiple other minor services such as salons. The Canadian service sector has been the major Canadian employer for many years now, a process characterizing developed countries a round the world. As of 2006, 72 percent of Canada’s workforce was employed in the services industry, and 69.1 percent of the gross domestic product was created within the services sector of the economy.

Overall, the Canadian economy is one of the largest exporters of resources and energy, and its extensive regional diversity allows a complex and competent economy. Canada sailed through the world financial crisis, relatively unscathed, with unemployment rate peaking at 8.8%, with some regions unemployment rate going well over 10% due to particular economic problems. The comprehensive economy, however, shows signs of recovery and future growth because of the United States’ reliance on Canada’s oil, minerals, and other natural resources.

2009 British Indian Ocean Territory Nickel Commemorative Coin