Canada is one of the richest countries in the world. With GDP of $1,887 billion in 2014, it is the world’s tenth economic power. The main sectors of its economy are services, agriculture, energy, telecommunications, aerospace and car manufacturing.
It has large reserves of natural resources (such as timber, oil and ore) and a highly qualified workforce. In fact the country ranks among the most educated in the world and is a leader in scientific research.
Canada’s economy has strong ties to that of the United States through geographical proximity and trade treaties. The country has also opened up new markets for itself by signing trade agreements with Europe (the 2013 free trade agreement with the EU), Asia and Latin America.
Two decades of stable economic growth
Since 1993, Canada’s GDP has grown by an average of 3% per year, despite a slight decline since 2012 (1.6% growth in 2013). Overall, the country’s economy is doing well and the government has confirmed that, based on its forecasts, the country will have a balanced budget in 2015.
According to the latest rankings of the Foreign Direct Investment Confidence Index, Canada is the third most attractive country for foreign investment, just behind the United States and China. This is largely due to its economic recovery following the recession, the surge in oil and gas production, and the solid performance of the Canadian manufacturing sector.