Which natural resources play an important role in Canada’s economy?
A large part of its economy depends on the mining of natural resources, such as gold, zinc, copper, and nickel, which are used extensively around the world. Canada is also a large player in the oil business with many large oil companies.
What natural resources are important to Canada?
Canada has long ranked among the world leaders in the production of uranium, zinc, nickel, potash, asbestos, sulfur, cadmium, and titanium. It is also a major producer of iron ore, coal, petroleum, gold, copper, silver, lead, and a number of ferroalloys.
What are the top 5 natural resources in Canada?
Canada’s top five mineral products by value for 2019 were gold, coal, iron ore, potash and copper. Their combined value was $31.6 billion, accounting for two-thirds of the total value of mineral production.
What natural resources does Canada export?
Natural gas and oil are Canada’s biggest export commodities by value. According to Statistics Canada, exports of crude oil, bitumen, natural gas and natural gas liquids generated more than $102 billion in 2019.
Why are Canada’s natural resources important?
Canada’s natural resource sectors contribute immensely to our national economy, standard of living and quality of life. They are the single largest contributor to Canada’s annual GDP and employ nearly 10% of all working Canadians.
Is Canada a resource based economy?
Resources have been the foundation of the Canadian economy. We have all the ingredients, talent and capacity to flourish in the new economy. … Canada has the third largest per-capita natural resource endowment in the world, accounting for 1.82 million jobs and contributing to 17% of the country’s GDP.
How much of Canada’s economy is natural resources?
Natural resources account for one-ninth of gross domestic product. Expressed as an annual rate, nominal GDP of natural resources rose 0.6% to $236.0 billion, representing 11.3% of the Canadian economy.