When we think of Canada, what usually comes to mind is its serenity, top notch education system, one of the best healthcare systems in the world, and of late, its effective immigration policies. But what we often miss out on, could be the deciding factor in our decision to immigrate to Canada: the biggest industries in Canada.
Canada is the 10th largest economy in the world going by Nominal GDP and 16th largest by Purchasing Power Parity in 2018. Canada also has the fourth highest total estimated value of natural resources, valued at a staggering 33.2 Trillion US Dollars.
3 Biggest Industries in Canada
Let’s dive into the 3 biggest contributors to Canada’s Trillion + dollar economy, to give you a good perspective on how well your profession would fit into the Canadian economy.
The service industry in Canada is the backbone of the whole economy as it contributes for 70% of the total GDP. The retail sector is a huge employer with more than 12% of Canadians working in this segment. Ranking Second in this industry is the business services sector, which includes real estate, financial services, and communications. Education and healthcare are Canada’s largest and fastest emerging sectors, however they are controlled by the government. The service industry has various sub-sectors like hospitality and It, which have seen strong growth rates in recent years.
A sure sign of a strong and stable economy is the performance of its manufacturing industry. When it comes to Canada, it’s manufacturing industry contributes to 10% of its total GDP, with manufacturers exporting more than 350 Billion Dollars worth of goods every year. The manufacturing industry has created more than 1.7 Million full-time jobs and well paying jobs across the nation.
Canada is the global leader in energy production; it ranks amongst the few nations where the energy industry contributes significantly. The energy sector in Canada accounts for almost 3% of the total GDP. The nation also holds vast oil and gas reserves; Canada holds the 3rd largest oil reserve in the world, putting it on par with global oil giants like Saudi Arabia and Venezuela. The ready availability of cheap energy has enabled the growth and development of several crucial industries in Quebec and British Columbia.
Other significant industries which have shown high potential in the Canadian economy are the agricultural sector and Mining. Canada has reserves of almost every precious metal found on earth, including the likes of platinum, gold, silver and diamonds.
A deciding factor that contributes to the growth of these industries is Canada’s extremely effective trading treaties and good relations with the international community.
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If you would like more information and updates such as the industries of Canada, and other news stories, stay tuned with the SmartMove2Canada (A division of SmartMove Immigration) Canada Visas blog.
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