Canada adopts the mixed economy, and its has a top economy in the world. The country ranks 10th in GDP by nominal and ranks 16th in terms of purchasing power parity. The nominal GDP of Canada for 2019 is $1.820 trillion, and PPP GDP is $1.931 trillion. The primary sector for Canada’s GDP is service sector 70.7%, industries 27.7%, and agriculture 1.6%. The major export trading partners with Canada are the United States (76.2%), European Union (7.7%), China (4.1%), Japan (2.1), and Mexico (1.5).
In terms of exports, Canada receives revenue of $390.1 billion. The primary exported goods are industrial machinery, motor vehicles, and parts, aircraft, chemicals, telecommunications equipment, fertilizers, plastics, timber, wood pulp, natural gas, crude petroleum, electricity, aluminum.
Canada gets a revenue of $416.6 billion in terms of imports. The primary imports products are motor vehicles and parts, machinery and equipment, chemicals, crude oil, durable consumer goods, and electricity.
Canada has numerous natural resources, and with a small population, the country is called “Energy Superpower.” Agriculture, forestry, mining are the major industries which make use of natural resources. Logging along with oil industry is central companies present in Canada. In central Canada, the significant sectors are based on manufacturing, aircraft, and automobile industries.
The significant mining elements are uranium, nickel, gold, diamonds, and lead. Most of these elements are exported to foreign countries. Canada stands second in the world most significant crude oil reserve.
The fishing industry is also popular in Canada because the country has the longest coastal line. Other than these industries, few other companies present are television and software industry.
Private companies and public companies support the economy of Canada. The ratio of private to public property is 60:40, which makes Canada the highest economic freedom country in the world. Canada has 58 companies in the Forbes Global 2000 companies.