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Canadian Economy

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Canada’s economy is highly developed and one of the largest in the world. In 2019, the country’s annual gross domestic product (GDP) was $1.7 trillion in current USD, according to the latest available World Bank data. That made Canada the world’s tenth-largest economy.1 Canada’s economy is highly dependent on international trade with exports and imports of goods and services each comprising about one third of GDP.2 The three largest industries, measured by their contributions to GDP, are: real estate and rental and leasing; manufacturing; and mining, quarrying, and oil and gas extraction.3 Canada is home to e-commerce company Shopify Inc. (SHOP.TO), major banks such as the Royal Bank of Canada (RY.TO), and energy transportation and distribution company Enbridge Inc. (ENB.TO). The CAD/USD exchange rate used in this story is 0.80638 as of June 29, 2021.

The Canadian Economy by the Numbers

  • Canadian 2019 GDP: $1.7 trillion (World Ranking: #10).6
  • Canadian 2019 GDP per Capita: $46,189.7 (World Ranking: #28).7
  • Canadian 2019 GDP Growth: 1.7%.8
  • Canadian 2019 Consumer Price Index (CPI) Inflation: 1.9%.9
  • Canada’s Largest Industry by GDP (2019): 13% of GDP (real estate and rental and leasing).3
  • Size of Canada’s Real Estate and Rental and Leasing Industry by Dollar Value (2019; based on seasonally adjusted 2012 chained dollars): CA$252.3 billion ($203.5 billion).34

The above data reflect the state of Canada’s economy prior to the global economic shock resulting from the COVID-19 pandemic.https://9019a3558e7f6414139ece0c52127e4b.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Canada’s Top Industries: Real Estate and Rental and Leasing; Manufacturing; and Mining, Quarrying, and Oil and Gas Extraction

Canada’s three largest industries comprise nearly a third of the country’s total GDP. Those three industries and their contributions to GDP in 2019 were: real estate and rental and leasing, which accounted for CA$252.3 billion ($203.5 billion), or 13%, of GDP; manufacturing, CA$197.8 billion ($159.5 billion), or 10%, of GDP; and mining, quarrying, and oil and gas extraction, CA$156.8 billion ($126.4 billion), or 8%, of GDP. Together, they employ 2.1 million people.1043

Real Estate and Rental and Leasing

Canada’s real estate and rental and leasing industry is comprised of establishments engaged in the following types of activities: real estate management; selling, renting, or buying real estate for others; appraising real estate; rental and leasing of tangible assets such as automotive equipment; and leasing of non-financial intangible assets such as copyrighted works.311 GDP for the industry, which employs about 0.3 million people, rose 2.7% in 2019.1213https://9019a3558e7f6414139ece0c52127e4b.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Some of the biggest companies in the industry are real estate investment trusts (REITs), including Canadian Apartment Properties REIT (CAR.UN), RioCan REIT (REI.UN), and Allied Properties REIT (AP.UN).https://9019a3558e7f6414139ece0c52127e4b.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Manufacturing

Canada’s manufacturing industry is engaged in the physical or chemical transformation of materials or substances into new products. These products may either be finished goods for consumption or semi-finished goods to be used in manufacturing processes.14 Canada’s industries manufacture food, chemicals, petroleum, fabricated metal products, machinery, transportation equipment, and other products.3 GDP for the industry, which employs approximately 1.6 million people, shrank 0.2% in 2019.15

13

Some major Canadian manufacturers include: ATS Automation Tooling Systems (ATA.TO), a custom engineer and manufacturer of industrial automated manufacturing systems; Ballard Power Systems Inc. (BLDP.TO), a manufacturer of hydrogen fuel cells; and NFI Group Inc. (NFI.TO), a manufacturer of heavy-duty transit buses.

Mining, Quarrying, and Oil and Gas Extraction

Canada’s mining, quarrying, and oil and gas extraction industry is primarily engaged in the extraction of naturally occurring minerals.16 The industry is dominated by oil and gas extraction, but other types of mining activity include mining coal and a range of metals, including gold, silver, copper, nickel, and more. Stone, sand, gravel, clay, and ceramic mining and quarrying are also part of the industry, as well as mining for potash.3 GDP for the industry, which employs approximately 0.2 million people, shrank 0.7% in 2019.1713

Some of Canada’s biggest mining companies include: Nutrien Ltd. (NTR.TO), a producer and distributor of potash, nitrogen, and phosphate products; Barrick Gold Corp. (ABX.TO), a gold mining company; and Teck Resources Ltd. (TECK.B.TO), a natural resource company that mines for zinc, copper, molybdenum, gold, and metallurgical coal.

Below is a closer look at Canada’s 10 biggest industries by contribution to the economy. Together, they are an important reflection of Canada’s economy because they contribute about three quarters of the nation’s GDP.

Major Canadian Industries (2019)
Industry NameContribution to GDP in 2019 (%)Contribution to GDP in 2019 ($B)Number of People Employed (M)
Real Estate, Rental, and Leasing12.7203.50.3
Manufacturing 10.0159.51.6
Mining, Quarrying, and Oil and Gas Extraction7.9126.4 0.2
Construction 7.2114.51.0
Health Care and Social Assistance7.0112.02.0
Finance and Insurance6.9110.20.7
Public Administration6.7107.41.1
Professional, Scientific, and Technical Services6.095.91.0
Educational Services5.384.51.4
Wholesale Trade5.282.5Employment figure not represented in data source.

Source: Statistics Canada (industry GDP and employment data); industry GDP contributions based on seasonally adjusted chained 2012 Canadian dollars; conversion to U.S. dollars based on author’s calculations using CAD/USD exchange rate of 0.80638 as of June 29, 2021.

Economy

Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

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VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

This report by The Canadian Press was first published Sept. 18, 2024.

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N.B. election: Parties’ answers on treaty rights, taxes, Indigenous participation

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FREDERICTON – The six chiefs of the Wolastoqey Nation in New Brunswick distributed a survey on Indigenous issues to political parties ahead of the provincial election, which is scheduled to kick off Thursday. Here are some of the answers from the Progressive Conservative, Liberal and Green parties.

Q: How does your party plan to demonstrate a renewed commitment to recognizing our joint treaty responsibilities and acknowledging that the lands and waters of this territory remain unceded?

Progressive Conservative: The party respectfully disagrees with the assertion that land title has been unceded. This is a legal question that has not been determined by the courts.

Liberal: When we form government, the first conversations the premier-designate will have is with First Nations leaders. We will publicly and explicitly acknowledge your treaty rights, and our joint responsibility as treaty people.

Green: The Green Party acknowledges that New Brunswick is situated on the unceded and unsurrendered territories of the Wolastoqiyik, Mi’kmaq and Peskotomuhkati peoples, covered by the Treaties of Peace and Friendship. Our party is committed to establishing true nation-to-nation relationships with First Nations, grounded in mutual respect and co-operation as the treaties intended.

Q: How does your party propose to approach the issue of provincial tax agreements with First Nations?

Progressive Conservative: The government of New Brunswick operates in a balanced and fair manner with all organizations, institutions and local governments that represent the citizens of this province, including First Nations. Therefore, we cannot offer tax agreements that do not demonstrate a benefit to all citizens.

Liberal: Recent discussions with First Nations chiefs shed light on the gaps that existed in the previous provincial tax agreements with First Nations. Our party is committed to negotiating and establishing new tax agreements with First Nations that address the local needs and priorities and ensure all parties have a fair deal.

Green: The Green Party is committed to fostering a respectful relationship with First Nations in New Brunswick and strongly opposes Premier Blaine Higgs’s decision to end tax-sharing agreements. We believe reinstating these agreements is crucial for supporting the economic development and job creation in First Nation communities.

Q: How will your party ensure more meaningful participation of Indigenous communities in provincial land use and resource management decision-making?

Progressive Conservative: The government of New Brunswick has invested significant resources in developing a robust duty to consult and engagement process. We are interested in fully involving First Nations in the development of natural resources, including natural gas development. We believe that the development of natural gas is better for the environment — because it allows for the shutdown of coal-fired power plants all over the globe — and it allows for a meaningful step along the path to reconciliation.

Liberal: Our party is focused on building strong relations with First Nations and their representatives based on mutual respect and a nation-to-nation relationship, with a shared understanding of treaty obligations and a recognition of your rights. This includes having First Nations at the table and engaged on all files, including land-use and resource management.

Green: We will develop a new Crown lands management framework with First Nations, focusing on shared management that respects the Peace and Friendship Treaties. We will enhance consultation by developing parameters for meaningful consultation with First Nations that will include a dispute resolution mechanism, so the courts become the last resort, not the default in the face of disagreements.

This report by The Canadian Press was first published Sept. 18, 2024.

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Canadian Coast Guard crew member lost at sea off Newfoundland

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ST. JOHN’S, N.L. – A crew member of a Canadian Coast Guard ship has been lost at sea off southern Newfoundland.

The agency said in a release Wednesday that an extensive search and rescue effort for the man was ended Tuesday evening.

He was reported missing on Monday morning when the CCGS Vincent Massey arrived in St. John’s, N.L.

The coast guard says there was an “immediate” search on the vessel for the crew member and when he wasn’t located the sea and air search began.

Wednesday’s announcement said the agency was “devastated to confirm” the crew member had been lost at sea, adding that decisions to end searches are “never taken lightly.”

The coast guard says the employee was last seen on board Sunday evening as the vessel sailed along the northeast coast of Newfoundland.

Spokeswoman Kariane Charron says no other details are being provided at this time and that the RCMP will be investigating the matter as a missing person case.

This report by The Canadian Press was first published Sept. 18, 2024.

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