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Canada Economy: its peculiarities and statistics

Economy of Canada is 14th in the world, which can`t be called excellent result based on its favorable geographical position. In this case, we are talking about immediate neighborhood with the United States – huge market with which Canada concluded free trade agreement. Nevertheless, Ontario and other states are included in list of countries most attractive for living and business emigration, annually accepting hospitable land of hundreds of thousands of highly qualified personnel from around the world.

Canadian economy is stable, as evidenced by dynamics of GDP growth, traditionally plagued by economic problems of its neighbor America. Canadian GDP growth can be presented in such manner:

  • 2010 – 3.4%.

  • 2011 – 2.5%.

  • 2012 – 1.7%.

  • 2013 – 1.7%.

Canadian economy structure

High standard of living for residents of Canada is also confirmed by structure of gross domestic product, fifth part of which is occupied by social sectors:

  • 21.4% - health care, education, social services.

  • 19.2% - insurance, real estate, finance.

  • 15.0% - retail and wholesale trade.

  • 10.7% - professional services in scientific and technical field.

  • 10.5% - manufacturing industry.

  • 9.6% - construction.

  • 8.1% - oil and mining.

  • 4.1% - culture, information industries.

  • 1, 6% - fishing, forestry and agriculture.

Features of Canadian privatization program

Canada began privatization in 1985, and whole process took a long 13 years. Main feature of transfer of enterprises to private hands was individual approach to privatization of each individual organization. In each case, shares were offered to public in local stock market, and form of sale was tender

As a result, at time of mid-90s, Canadian government gave private owners 26 of largest state-owned enterprises, including state-owned airline, main oil and railway companies, telecommunications organizations and even defense enterprises. Today, experts note successful outcome of privatization program, which allowed to significantly expand capital markets, make former state enterprises more efficient and productive.

Canada's economy today

At the moment, Canadian economy continues slowly but surely recover from global financial and economic crisis. Country has been seriously affected by problems that have developed in economies of its main trading partners. At the same time, recent successes of USA, in particular, slight improvement in economic indicators of America, will certainly have positive effect on economy of maple leaf country.

However, Canadian government doesn`t expect miracles, and in current circumstances it independently adjusts direction of vector of its economic development. Today we can note fact that country is trying to reorient its economy to domestic consumption. At the same time, work is underway to stimulate country's innovation sector, as well as industrial modernization.

So now you know, what Canada, especially Ontario economics is. And, to be honest, this place is so suitable for agriculture development. You can visit it and talk about economy with local residents.