Canada’s current position in the business cycle

Canada 's current position in the business cyclce

Canada is one of the world 's wealthiest nations , and a member of the Organization for Economic Co-operation and Development (OECD ) and Group of Eight (G8 . As with other developed nations , the Canadian economy is dominated by the service industry , which employs about three quarters of Canadians[citation needed] . 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 also has a sizable manufacturing sector , centred in Central

Canada , with the automobile industry especially important . The Canadian economy of the 21st century is diversified . Although Canada sells goods and services around the world , more than 80 of exports and 70 of imports are with the United States

Canada is evolving into a knowledge-based economy . Service industries now employ three out of four Canadians . More and more , Canadians work in offices , stores or warehouses rather than farms , mines , mills or factories . Canada 's economic well-being is tied to many factors : the wealth of natural resources the strength of its manufacturing and construction industries the health of the financial and service sectors the ability to span distances using communications and transportation technologies dynamic trade relationships with other nations and the ability to compete in a global marketplace

Canada has come a long way from the economic revolution sparked by the railway and the telegraph in the early 1800s . Over the years , a steady tide of technological progress has profoundly reshaped our economy making possible the combustion engine , the assembly line , computer networks and professional consultants . Today , economic progress rides an electronic expressway of automation , information and instant communication . Advances in technology , the increased globalization of markets and the emergence of liberal trading regimes are fundamentally changing the way we conduct our business . Long removed from an economy based almost exclusively on natural resources , Canada is rapidly moving toward a knowledge-based economy built on innovation and technology Canada 's knowledge-intensive industries are generating advances in our ability to produce high-tech machinery and equipment , and encouraging industrial innovation as a result

Canadian businesses are 'getting connected ' more than ever before exploiting advances in communications technology to reach out into the global marketplace in search of buyers for their products . Indeed , with a small domestic market , the steady expansion of multilateral trade is critical to the structure of our economy and the continued prosperity of our nation

International trade makes up a large part of the Canadian economy particularly of its natural resources . The United States is by far its largest trading partner , accounting for about 79 of exports and 65 of imports as of 2006

Canada is a free market economy , usually seen to have slightly more government intervention than the United States , but less than most European nations . Canada has traditionally had a lower per capita gross domestic product (GDP ) than the United States , but higher than that of many western European economies . The Canadian economy has its economic...