CANADA.COM is a news site
about Canada.
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 Canada
is one of the world's wealthiest nations, with a high per-capita income, a
member of the Organisation for Economic Co-operation and Development (OECD)
and Group of Eight (G8).
Canada is a mixed
market, ranking lower than the U.S. but higher than most western European
nations on the Heritage Foundation's index of economic freedom. Since the
early 1990s, the Canadian economy has been growing rapidly with low
unemployment and large government surpluses on the federal level.
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Today Canada
closely resembles the US in its market-oriented economic system, pattern of
production, and high living standards. As of October 2007, Canada's national
unemployment rate of 5.9% is its lowest in 33 years. Provincial unemployment
rates vary from a low of 3.6% in Alberta to a high of 14.6% in Newfoundland
and Labrador.
In the past century, the growth of the manufacturing, mining, and service
sectors has transformed the nation from a largely rural economy into one
primarily industrial and urban. As with other first world nations, the
Canadian economy is dominated by the service industry, which employs about
three quarters of Canadians. However, Canada is unusual among developed
countries in the importance of the primary sector, with the logging and oil
industries being two of Canada's most important.
Canada is one of the few developed nations that are net exporters of energy.
Atlantic Canada has vast offshore deposits of natural gas and large oil and
gas resources are centred in Alberta. The vast Athabasca Tar Sands give
Canada the world's second largest reserves of oil behind Saudi Arabia. In
Quebec, British Columbia, Newfoundland & Labrador, Ontario and Manitoba,
hydroelectric power is a cheap and clean source of renewable energy.
Canada is one of the world's most important suppliers of agricultural
products, with the Canadian Prairies one of the most important suppliers of
wheat, canola and other grains. Canada is the world's largest producer of
zinc and uranium and a world leader in many other natural resources such as
gold, nickel, aluminum, and lead;[61] many, if not most, towns in the
northern part of the country, where agriculture is difficult, exist because
of a nearby mine or source of timber. Canada also has a sizeable
manufacturing sector centred in southern Ontario and Quebec, with
automobiles and aeronautics representing particularly important industries.
Economic integration with the United States has increased significantly
since World War II. The Canada-United States Automotive Agreement (or Auto
Pact) in 1965 opened the borders to trade in the auto manufacturing
industry. The Canada-United States Free Trade Agreement (FTA) of 1988
eliminated tarrifs between the two countries, while North American Free
Trade Agreement (NAFTA) expanded the free trade zone to include Mexico and
Chile in the 1990s . Canadian nationalists continue to worry about their
cultural autonomy as American television shows, movies and corporations are
omnipresent.
Since 2001, Canada has successfully avoided economic recession and has
maintained the best overall economic performance in the G8. Since the
mid-1990s, Canada's federal government has posted annual budgetary surpluses
and has steadily paid down the national debt.
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