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Economy of Canada

Canada is quite spectacular among developed countries in that the country relies heavily on its primary sector, with the logging and oil industries being two of Canada's most important. Canada also has a sizable manufacturing sector, centered in Central Canada, with the automobile industry especially important.

As the second largest country in the world, Canada has considerable natural resources spread across its varied regions. In British Columbia, the forestry industry is of great importance, while the oil industry is important in Alberta and Newfoundland and Labrador. Northern Ontario is home to a wide array of mines, while the fishing industry has long been central to the character of the Atlantic provinces, though it has recently been in steep decline.

International trade makes up a large part of the Canadian economy, particularly of its natural resources. The United States is by far its largest trading partner, accounting for about 76% of exports and 65% of imports as of 2007. Canada's combined exports and imports ranked 8th among all nations in 2006.

Canada ranks among the most developed countries on the Human development index, with a GDP per capita lower than and a median household income roughly equal to that of the United States.

 

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Updated: 22 May 2008