Canada is a great country to live in, with its diverse geography, tempered climate, and friendly locals. Aside from these wonderful aspects, the country also has a strong economy that continues to encourage growth and development.
In these times of worldwide financial crisis, it helps to live in a country with a relatively stable economy, and Canada is just that. Whether you are thinking of starting a new business or exploring new opportunities in your career path, you may want to consider moving to this country.
Please keep reading to learn more about its GDP, business outlook, and overall economic state.
Canada’s Gross Domestic Product
Canada’s gross domestic product (GDP) was estimated at over $1.27 trillion in 2007.
The estimated GDP per capita in 2007 was just over $38,000, which is relatively high. In 2008, despite the recession in the neighbor United States, Canada’s GDP grew by around 0.5%. As one of the world’s wealthiest nations, Canada is a member of the G8 and the Organisation for Economic Co-operation and Development.
The total government debt of Canada is ranked as the lowest in the G8, after it dropped over 50 percentage points since 1995.
Business Outlook in Canada
The business outlook for Canada is quite good as many of the provincial areas such as Edmonton, Alberta, and Saskatchewan continue to develop and attract more people.
The unemployment rate is rather low, at around 7.2% as of February 2009. Most of the labor force is occupied in the services industry, while manufacturing and construction are also large industries.
Surprisingly to some, Canada’s agricultural sector only accounts for around 2% of the labour force. In 2008, Canada was listed as home to 69 of the world’s largest companies.
Although economic problems persist in the world market, Canada seems to have a bright outlook. Just be sure to find an area that has the right variables for your formula to success.