Canada as a global economic player
Canada has a highly developed economy that relies on a variety of industries. It has the tenth largest GDP in the world, and has stable economic alliances with many other countries, including member states of the European Union, and its largest trading partner, the United States.
Canada is a member of many international organizations, alliances and agreements, including the United Nations (UN), the Asia-Pacific Economic Cooperation (APEC), the Group of 7 (G7), the Organization for Economic Cooperation & Development (OECD), the North American Free Trade Agreement (NAFTA), the Group of 20 (G20) and the World Trade Organization (WTO)
What are the biggest industries in Canada?
Like most developed nations, Canada is heavily reliant on the service industry, which employs about three quarters of the Canadian workforce. The country’s other main industries include the following:
- Oil & natural gas: Canada’s natural resources, which are valued at over US$33 trillion, include the third-largest petroleum reserves in the world, located in Alberta. Canada is also a major exporter of natural gas.
- Forestry & fishing: With the longest coastline in the world, Canada has a robust fishing and seafood industry. The vast forests support a logging industry that is worth almost $20 billion a year.
- Mining: Several parts of the country are rich in mines that produce gold and other precious minerals.
- Farming: Canada has vast farmland that produces a wide variety of products for the domestic market and for export.
- Manufacturing: Most of the manufacturing takes place in Ontario and Quebec. It includes automotive and aircraft manufacturing, as well as paper and cardboard products, food and beverages, primary and fabricated metals, chemicals and petrochemicals.
- Tourism: Tourism is an important part of many local economies, including Nova Scotia, Toronto, Quebec City, Vancouver and more.