How big is the Canadian economy?
The economy of Canada is eight largest among the economies in the world. According to 2007 statistics its GDP recorded $1.274 trillion and growth was 2.7%. The country is one of the G8 members and belongs to other "rich clubs" including the OECD.
Unlike other developed economies, the country has shifted from agriculture sector straight to the services sector. The latter now accounts for around 67.9% of GDP. The services sector is diverse and includes the financial services, retail sector, education, real estate, high-tech, health, tourism and entertainment. These sectors are developing at a very fast pace with health and retail spearheading the growth. The services sector employs 75% of the workforce of the country.
A major factor in the development of the country has been the free trade agreement and the NAFTA treaty that it signed with the US in 1989. The two agreements linked Canada to a number of other countries such as Israel, Mexico, Costa Rica and Chile. In 2008 it has joined with Europe as well and this has given a further boost to the economic development of the country.
Canada ranks second in the world in terms of landmass and have abundant natural resources. Lumber and oil are two of the major industries of the region. It ranks second in terms of the oil reserves in the country. It also produces gold, lead, nickel, uranium, and diamonds in large amounts.
