Main Industry SectorsEconomic OverviewForeign Direct Investment [FDI]FDI Government MeasuresCountry Strong PointsCountry Weak PointsForeign Trade Overview
Accounting for almost two thirds of the GDP, the service sector dominates the Canadianeconomy. Its most dynamic areas are: telecommunications, tourism, Internet (almost 65% ofCanadian households regularly use the Internet) and the aeronautical industry. The agricultural sector represents a little more than 2% of the GDP and employs lessthan 2% of the population. Canada is one of the largest exporters of agricultural products in the world, wheat inparticular. It produces 10% of the worlds GMO harvests. Fishing is an important sector. Canada is one of the main producers of minerals, namely nickel, zinc and uranium. Canada also has large reserves of oil and natural gas. Canada has 6 strong sectors of primary industry: renewable energies (mainly wind),forestry sector, hydrogen and fuel cells, mines, metals and minerals, fishing, oil and gas. The manufacturing sector represents approximately a third of the GDP.
After declining due to global recession, Canadas GDP has rebounded with growth estimated at over 3% in 2010due to the stimulus package, the recovery of foreign trade and the newfound confidence of Canadian households. The growth rate should slow down in 2011, reflecting among others the end of the stimulus measures and alower household consumption, which are facing increased levels of debt. After the beginnings of a recovery, the emphasis is now on structural reforms. The governments priority is to consolidate its budgetary position, which in some provinces the crisis hasworsened to alarming proportions. Plans to cut spending have been developed. Health reform also figures at the forefront, as well as a reform of the system of unemployment benefits. In fact, even though Canada is a rich country with a very good living standard, it now has to deal with a worrying growth of its unemployment rate, which was estimated at 8 % in 2010.
Since the economic recovery, foreign direct investment (FDI) in Canada, which during theprevious decade had grown by 9% per year on average, has been slow and more concentrated. Canadas main attractions are its highly-skilled population, its abundant natural resources, itscommercial dynamism and fiscal incentives, its competitiveness in key sectors (communications,transit, financial services), as well as its geographic proximity to the worlds number one economy,the United States.
Canada applies a high taxation rate on companies. Canada that applies the lowest payroll taxes in the G7 countries. Companies establishing their headquarters in Canada should get tax benefits (higherthan those offered in the United States) up to 2010 . The government announced a euro 24.6 billion two-year recovery plan
Canadas main advantages are a qualified workforce and an easy access to raw materials. Canada is one of the most dynamic economies in the world, with a market of 30 millionconsumers and sophisticated infrastructures, as well as a very modern transportationnetwork.
Canadas weak points are its excessive dependence to the United States and a currentlydamaged financial system.
Canada is a country open to outside and trade represents more than 60 % of its GDP. The United States takes about 80% of Canadian exports. Canada is the United States biggest foreign energy supplier, including the supply of oil,gas, uranium and electric power. Canada’s main trading partners are the European Union, Japan, China and Mexico. As an effect of the global economic crisis, the Canadian trade balance has turned negative,as exports were falling quickly and imports began to recover much less rapidly. Exports have been stagnating in 2010, while imports have risen, thus creating a tradedeficit.
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