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Economy in Kanada

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Canada’s economy is the eighth largest in the world. It is one of the richest countries in the world and a member of the Economic Union. It is experiencing tremendous growth in advanced technology and service industries. Canada’s economy depends on knowledge and is becoming increasingly diversified. It no longer depends exclusively on natural resources, but Canada’s economy is growing through innovation and technology

Signs of the strength of the economy in Canada

Economic activity in Canada varies as a result of the diversity of resources it enjoys. The Canadian economy includes agriculture, logging, industry, fishing, oil and mineral production, a workforce of 13 million, an area of ​​agricultural land 730,000, and industrial production, which includes the production of cars, wood pulp and paper, petrochemical industries, heavy industries, food products, clothing, textiles, and agriculture, which includes wheat and barley. Corn, soybeans, pulses, beets and livestock include one million cattle and 717 thousand sheep. This is in addition to other animals and fishing. It is the most prominent feature of the Canadian economy, because Canada has long coasts with multiple bays, and fishing is one of the oldest crafts and still enjoys an important position in Canada. This is in addition to oil production and mining, so lead and nickel are extracted. Copper, iron, silver, gold, cobalt and Canada are among the world’s largest timber deposits

Canadians during the British colonial period depended for their economy on agriculture, fishing, furs and forests, but today, although these activities still exist and contribute a large share of Canadian exports

* The most important areas of the economy in Canada * The most important areas of the Canadian economy are industry and services. Canada’s gross national product is one of the top ten national outputs in the world, noting that the gross national product is equivalent to the value of all services and goods produced in the country throughout the year, so all the percentages of output given in this The portion measured in relation to gross domestic product, i.e. the sum of services and goods produced within Canadian borders

The Canadian economy is based on the principle of a free economy. But Canadian and provincial governments play an important role in many economic activities. It provides, for example, health insurance that guarantees medical treatment to all citizens. The national and provincial governments also own broadcasting companies, transportation companies, and public utilities. The Canadian government has established a state oil company that controls oil production and marketing in Canada.

The most important industries in Canada’s economy

It is the manufacture of paper and electrical machines such as computers, wireless communication devices and others, and Toronto is one of the most important global centers in the manufacture of printing paper

Mining Mining contributes about 4% of the total domestic production, as Canada is one of the most important producing and exporting countries of minerals, especially copper, gold, iron ore, nickel, potassium, uranium and zinc. Oil and natural gas are the most important mineral products in Canada, as oil alone contributes about 30% of the value of what it produces. Canada is all metal. As for natural gas, it contributes about 20% of that value. More than 80% of Canadian oil and natural gas production is concentrated in Alberta. Ontario is the main center for other mineral ores, especially nickel, uranium, gold and copper. Coal mines are located in British Columbia.

Industry contributes 18% of the total domestic income and is almost equally distributed between two main branches, the first of which includes the manufacture of minerals and natural resources for export, and the second includes the manufacture of various commodities with the intention of consuming them locally

Factories located in Ontario and Quebec produce more than three-quarters of Canadian manufactured goods. The transportation industry is Canada’s most important manufactured commodity. In second place are foodstuffs and chemicals

American automakers have subsidiaries in Ontario and Quebec, where they produce about one million cars a year. These factories also produce large freight cars and aircraft

Canada’s economic growth

The Canadian economy grew in March for the 11th consecutive month, but appears to have contracted in April

Two workers use robotic assistance to weld car doors at a General Motors plant in Oshawa, Ontario.

The Canadian economy grew at a rate of 5.6 percent in the first quarter of 2021 before declining in April

Economists had expected a growth of 6.8% during the first quarter of this year, and it is noteworthy that the growth rate in the last quarter of 2020 was 9.3%.

Gross domestic product grew in March for the eleventh consecutive month, and the total value of all goods and services produced by Canada rose by 1.1 percent from its level in the previous month, February, as reported yesterday by Statistics Canada.

The report stated that 18 of the 20 sectors of the economy monitored by the Federal Agency for the preparation of its data grew in March, while the two sectors that recorded a decline were administration and utilities, and their decline was slight compared to their performance in February

The housing market has been a source of particular strength. Spending on residential construction rose by 7.6% to $14 billion in March, during which real estate agents and brokers earned more than $19 billion, a historic ceiling.

In general, the real estate sector contributed $254 billion to the Canadian economy in the aforementioned month, which is $108 billion more than the contribution of the manufacturing sector and more than twice the contribution of the oil and gas extraction sector, which is $106 billion.

1 Comment
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