One of the Best Places for Living with Financial Stability
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Canada is the second largest country in the world, which ranks 16th in the world in terms of per capita income, and 17th in terms of GDP. It is included in the 7 best countries to live in. The Canadian Federation is a member of the British Commonwealth and possesses impressive reserves of oil, aluminum, copper, iron, nickel, gold, uranium, and zinc. Canada’s economy is based on mining, mechanical engineering, timber cutting, and tourism.
Table 1: Main branches of the Canadian economy
|Mining||oil, aluminum, copper, iron, nickel, gold, uranium, and zinc||29%|
|Timber cutting||40% of forests cover the country||18%|
|Mechanical engineering||Car factories of the US, European countries, and Japan; manufacturing of airplanes and underground trains||16%|
|Fishing industry||Catching sea-fish, crayfish, lobsters, shrimps, and carps.||10%|
|Tourism||Excursion, mountain skiing, ecological, hiking, recreational tourism||8%|
|Agriculture||Cultivation of rapes, seeds, ginseng||7%|
Hydropower, nuclear and thermal power plants operate in the country. Bay of Fundy is known in the world for its record high tides – up to 18 m. It is planned to build several tidal power plants in the water area of the bay, operating on an inexhaustible source of energy.
In 2018, inflation in Canada was 3%. This is the highest level in the last 7 years. Average salary in 2019 is CAD 4,520 per month.
The country’s annual GDP growth is 2.2-4%. Its dynamics is determined by the volume of extraction of minerals and timber, engineering products. Under the influence of the unfavorable dynamics of oil prices in 2015, the country’s GDP decreased by 13.5%. The stable functioning of these branches ensures low growth rates of the indicator.
In 2018, the value of GDP per capita amounted to $ 46,261. Over the year, the indicator increased by 2.29%.
In 2019-2021, the country’s Ministry of Finance predicts GDP growth of 2% in 2019, 2.5% in 2020. As for the national income per capita, in 2019 it will increase by 1.9%, in 2020 – by 2.2%.
Canada is rich in minerals, but the country’s economy is based not only on their extraction.
The territory of the state contains 13.28% of the world’s oil reserves. It is one of the largest hydrocarbon exporters in the world. Canada’s reserves of ferrous and non-ferrous metals are among the largest in the world.
Table 2: The largest deposits of minerals
|1||Ontario||Nickel, aluminium, cooper, silver, titanium, and zinc|
|2||Quebec||Iron, zinc, asbestos|
40% of the state’s territory is covered with forests: coniferae (65%) and broadleaved (35%). The USA is the main buyer of timber. Canadian enterprises produce 36% of the world’s paper and 78% of maple syrup.
The world famous engineering corporation Bombardier operates on the territory of Canada, which produces regional passenger and business aircrafts. In addition, the company produces locomotives, subway trains, motor vehicles (snowmobiles, ATVs, aquabikes, etc.), train traffic safety equipment. Thanks to this branch, the country ranks 1st in the world aircraft industry ranking. In the provinces of Quebec and Ontario, there are car factories that produce American, European and Japanese cars.
Fishing is the strangest industry in Canada. The country’s shelves catch 24.8% of the world’s fish and seafood.
Table 3: Fishing deposits
|1||Newfoundland, Labrador||Rock fish, cracks|
|2||Atlantic provinces||Cracks, lobsters, shrimps, carps|
Canada is the 5th most visited country in the world. Cognitive, hiking, skiing, beach, ecological, recreational and event tourism are developing here. Thousands of tourists are attracted by diving and rafting. Canoeing and kayaking are available, as well.
7% of the country’s territory is occupied by agricultural land. Wheat, lentils, rapeseed, ginseng and potatoes are grown here. Canadian farmers cultivate lettuce, cucumbers, corn, apples, strawberries and tobacco.
Cattle farms are breeding the Canadian Bos taurus cows. The Province of British Columbia is engaged in the production of chicken and eggs. Quebec produces milk, whey, sour cream and curd cheese.
The country’s foreign trade turnover in 2018 amounted to 2.7 billion euros, which is 14.4% higher than in 2017.
Table 4: Export and import
|2018: $511 bln.||2018: $550 bln.|
All three sectors are fully developed in the Canadian economy:
The country’s balance of payments is negative: the state exported products from the country for only $511 billion in 2018, while imported products worth $550 billion.
Key foreign trade partners are the USA, Japan, Great Britain, EU countries, Mexico.
The state’s external debt in 2018 was $843 billion, which is 88% of the country’s GDP. In 2020-2025 experts predict its reduction by 5-7% due to the onset of the term for regular payments.
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