Canada is a free market economy

economy

Oil, natural gas, iron ore, gold and copper, but also diamonds and rare earths can be found in Canada.

Canada's free market economy is the eleventh largest in the world in terms of GDP. It relies mainly on raw materials, industry and agriculture. Canada is an export nation, with the USA being the largest trading partner.

The most important raw material is crude oil, which is mainly extracted in the oil sands of Alberta and which provides a large part of the jobs. Thanks to them, Canada has the third largest oil reserves in the world after Venezuela and Saudi Arabia.

Above all, falling oil and natural gas prices are damaging the Canadian economy. The most important raw materials are iron ore, gold and copper, but also diamonds and rare earths.

Future-oriented branches such as automobile and aircraft construction as well as IT and communication technology are growing steadily.

The industry is mainly concentrated north of the border with the USA in the greater Vancouver area and the provinces of Ontario and Qu├ębec.

Since Canada's per capita energy consumption is among the highest in the world, many strategies are currently being devised, primarily to reduce CO2.

World trade

Canada is a member of all major economic forums such as the G7, OECD and IMF. The CETA free trade agreement with the EU has been discussed since 2015. The previously unencumbered economic relations with Germany are also affected by the new regulations after ratification. 800 German companies are based in Canada, including all large companies, for example Siemens, Dr. Oetker and Mercedes-Benz.

education

Education is organized in a similarly decentralized manner as in Germany and essentially offers two educational paths, which lead to studies at the university and further training at a community college, which prepares for the job market.

Schooling for children begins at the age of four or five in preschool. Primary school and secondary school then usually last 12 years, as in Germany.