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Economy of Canada



Canada is the world's eleventh-largest economy, with a 2011 nominal GDP of approximately US$1.74 trillion. It is a member of the Organisation for Economic Co-operation and Development (OECD) and the G8, and is one of the world's top ten trading nations, with a highly globalized economy. Canada is a mixed economy, ranking above the US and most western European nations on the Heritage Foundation's index of economic freedom. In 2008, Canada's imported goods were worth over $442.9 billion, of which $280.8 billion originated from the United States, $11.7 billion from Japan, and $11.3 billion from the United Kingdom. The country's 2009 trade deficit totaled C$4.8 billion, compared with a C$46.9 billion surplus in 2008.

In the past century, the growth of Canada's manufacturing, mining, and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one. Like many other First World nations, the Canadian economy is dominated by the service industry, which employs about three-quarters of the country's workforce. However, Canada is unusual among developed countries in the importance of its primary sector, in which the logging and petroleum industries are two of the most prominent components.

Canada is one of the few developed nations that are net exporters of energy. Atlantic Canada possesses vast offshore deposits of natural gas, and Alberta also hosts large oil and gas resources. The immense Athabasca oil sands give Canada the world's second-largest proven oil reserves, after Saudi Arabia. Canada is additionally one of the world's largest suppliers of agricultural products; the Canadian Prairies are one of the most important global producers of wheat, canola, and other grains. Canada is a major producer of zinc and uranium, and is a leading exporter of many other minerals, such as gold, nickel, aluminum, and lead. Many towns in northern Canada, where agriculture is difficult, are sustainable because of nearby mines or
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