Major Industries
The agricultural, manufacturing, and service sectors form the pillar of the Canadian economy because of the abundance of these resources. The reputation of Canada as an export economy is primarily based on its overreliance on the sale of agricultural products such as wheat in international markets, largescale mining activities for both domestic and foreign consumption, and the availability of an affordable labor force that drives key economic pillars within the society (Nicholson 15). The World Trade Organization estimates that in 2015, the agricultural industry alone contributed approximately $49 billion to the nation’s GDP. Poultry farming and cattle keeping are done on a large scale. Thus, meat and chicken products for export abound. Marple syrup is another item that grosses enormous revenues for the nation due to the availability of extensive open lands for its growth. The mechanization of farming facilitates these activities and enhances the production of quality yields in high demand at the global market.
Canada is widely known to be a mining nation thus can spur the creation of thousands of jobs and attract local and foreign direct investments that boost the country’s economic growth. For instance, in 2017, the mining industry accounted for about $72 billion of the state’s GDP resulting from the sale of metals, coal, and nonmetals. Similarly, mining activities are present in each of the ten provinces across the country. This leads to the creation of about 400,000 direct mining jobs, 100,000 in the service sub-sector within the same industry, 90,000 in the primary manufacturing phase, and approximately 200,000 in the downstream processing segment. This translates into higher household incomes. More consumers have greater purchasing power that is vital in running the economy.
The abundance of oil and natural gas in Canada provides the nation with the greater financial flexibility to undertake critical infrastructural developments that maintain the country’s profile as a modern state. For example, in 2020, the products mentioned above netted about $105 billion into Canada’s GDP. They also enhanced the number of raw materials necessary to construct bridges, buildings, and machinery. Therefore, the resources are vital assets to the nation because they contribute a great deal to the much-needed fiscal revenues, income generation for numerous homes, and the reduction of poverty levels across the country (Mining Association of Canada 1). However, a decline in the manufacturing sector jobs within the last decade has negatively impacted the employment market due to the workers’ lower-than-average wages. As such, there is a gradual slump in the labor force within this subsector, thus limiting the society’s potential to increase its per capita income.