Canada Economy Analysis & News 2016 | Winny Education Canadian Economy

Thousands of highly qualified professionals come to Canada and bring diverse range of skills and experience to the work that they do. Keeping that in mind, here’s the list of top industries flourishing in Canada.


Agriculture:

Canada is one of the largest agricultural product suppliers in the world. Canada ensures that it doesn’t influence the prices of crops in other countries due to its fair trading. Canada’s agricultural sector accounts for 8% of the country’s Gross Domestic Product.


Energy:

Canada also became the leader in energy resources due to the abundance of oil and natural gas. Canada alongwith having the third largest oil reserve in the world is also a world leader in hydroelectric power with Ontario, Quebec and Saskatchewan using hydroelectric energy. Canada’s oil exporting and energy related products contribute upto 2.9% in the GDP. Canada has also adopted solar and wind energy production as the next major industry.


Machinery and Equipment:

Canada is expert in machinery and equipment sector. It is one of the largest exporters of automobile equipment and goods. General Motors, Toyota, ford, Volvo Bus, Motor Coach Industries, Hino, Johnson Controls and Aisin Seiki are the leading manufactures located in Canada. Machinery and equipment sector spans different sub-sectors such as agricultural machinery, metalworking machinery, natural gas and oil drilling equipment and mining equipment. Canada is home to many global leaders like Hitachi Ltd., Tesco, Alstom and many more. Many of the companies are majorly located in Southern Ontario.


Pharmaceuticals:

With many of the pharmaceutical manufacturers and brand products operating in Canada, the pharmaceutical industry is growing rapidly. These companies have its production and R&D facilities and distribution branches located in many places across Canada. Medical device companies incorporate advanced technologies and new discoveries from other industrial sectors. These companies produce a variety of therapeutic and diagnostic tools.


Chemicals:

Chemical industry is also one of the top industries concentrated mainly in Alberta and Quebec. Basically the strong research infrastructure supports these hubs and facilitates innovation. Central Canada is known for its petroleum refining and chemicals cluster. Many of the chemical companies have production facilities in the country which also includes Shell Chemicals, Dow Chemical, Sabic, INEOS and many more. Major investors are attracted towards chemical sector due to its skilled workforce, low tax rates and dynamic business environment.


Food Processing:

Food processing is another industry that attracts savvy investors. This sector is highly competitive due to its internationally respected inspection systems, streamlined regulations and corporate taxes, and a well-connected transportation network, assuring rapid distribution.


Banking and Finance:

Canada is also leader in retail and institutional banking and advisory and financial management services. Four of the 10 largest banks in North America and six of the world’s 50 safest financial institutions are Canadian. In fact, Canada’s industries are booming.