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Canadian Economy - Essay Example
The Canadian economy is one of the most diverse and free economies in the whole world and comparable only to the United States. In terms of size, it is the eighth largest globally as per the IMF rankings. In the year 2007, the Canadian economy had a growth rate of 2.7% with a GDP of $1.274 trillion…
Besides the USA, the trade agreements saw an increase in Canadian trade among other countries such as Chile, Costa Rica, Israel, Mexico and other southern American states.(Beltrame) This had profound benefits for the country and the economy growth has been soaring since.
Besides those agreements that took place about a decade ago, the country has entered into a free trade agreement with the European Union which has further offered a boost to the already robust economy. The signing of this agreement took place in 2008.
The economy of Canada is supported by several sectors which must be looked at as having a better understanding of the economy and the effects of the economy. These include the service sector, the manufacturing sector, the energy sector and the agriculture sector.
This is the largest of the sectors in the Canadian economy, accounting for just about two thirds of the total GDP. The largest of the employers under this sector are the retail sector which employs about 14% of the total Canadian work force. Initially, the retail sector was composed of small retail outlets within the urban centers as well as in the suburbs. ...