Canada economy follows US footsteps

Canada is one of the wealthiest nations in the world and its natural resource made these nations as the notable at international trade. Canada has rising high on economical aspects from long time back itself till 2007.

A sudden recession in 2008 made Canada economy weaker and financial fiscal deficit were worst during that time. But thanks to the Canadian banking sector which implemented conservative lending of money.

Now the banking sector emerged which stronger and aids the economy of Canada to boost up. Currently Canada becomes the 10th largest economy in the world. The GDP of Canada is around $1.4 trillion and the GDP growth is 0.4% from its recession.

As like every other country service sector is the major contributor towards the growth of GDP.

Resemble US economy

Canada economy resembles like the economy of United States of America as we see from the view of economic freedom, way of handling the production sector, economic policies.

The service sector which contributes two third of Canada economy comes from tele-communications, retail shops, health sector, education, real estate business. These are the highly revenue generating service sector of Canada.

Contributors to GDP of Canada

The second contributor towards the economy of Canada is the manufacturing sector which accounts nearly 30%. Foreign investment in the field of automobile sector is the main reason for the huge generation of foreign exchange. Japanese and American automobile manufacturing giants shown keen interest in setting up units at Canada for various reasons such as free trade agreement, huge labor work force and encouragement of foreign investment by the Canadian government

When it comes to agricultural sector, Canadian government provides numerous subsides. Canada is one of the largest exporters of wheat. From 2000 the income generated from the agricultural exports and in the sale of agricultural products to the domestic market is declining.