Interesting Facts About Canada’s Economy

Canada was established as a nation in 1867 and is the only major country in the Western Hemisphere with a parliamentary government. The country has thrived because of a friendly neighbor to the south who shares military and defense objectives.

Canada has one of the greatest living standards in the world, thanks in part to its massive natural resources and industrial base along with technology. Many people from different parts of the world pass the Canadian citizenship test every year to get Canadian citizenship.

The Canadian citizenship test is a set of simple questions that should be answered by anyone willing to be a Canadian citizen. People are asked mainly about the socio-economic condition of Canada including the important symbols and history along with the justice and the political system the government runs on.

Here we have listed various economic facts about Canada that will help you with your Canadian Citizenship test as well.

Second Highest Quality Of Life

As per the World Economic Forum, Canada has been ranked as the country with the second-highest standard of living. The ranking is made based on the availability of facilities that are crucial for human survival and Canada tops it.

Canadians Export To US In Large Amount

Since Canada and the US share common borders, they have a very strong trade relationship with each other. $338 billion worth of goods is traded to the US every year. This figure is equal to 75% of the nation’s entire export.

Fortune Worth Of Natural Resources

Canada is rich in natural resources. The natural resources are not limited to a few herds of caribous in always cold weather. Canada is the third richest nation in the world in terms of natural resources. The valuation is almost $332. Trillion.

With a lot of petroleum reserves, gypsum, limestone, and many other natural resources, Canada can be considered rich and beautiful because of the natural resources.

Biggest Consumers Of Kraft Mac And Cheese In The World

People in Canada are fans of macaroni and cheese. Kraft branded cheesy pasta is loved by most Canadians and they top Americans by almost 55% when it comes to eating Kraft Mac and Cheese.

Makes A Fortune Out Of Sea Food

Canada has a lot of coastlines connected to it. The seafood culture also fosters around Canada. The coastlines are among the biggest and largest in the world.

Canada makes $4.2 billion every year by trading seafood around the world. Lobsters are the main seafood that Canadians export a lot and get a great profit.

Largest Producer Of The Maple Syrup

As we all know, maple leaves are of great importance in symbolizing Canada. Canada exports almost 71% of maple syrup all around the world. The maple syrup is used in pancakes and is loved by people all over the world. Almost 91% of the syrup Canada produces comes from Quebec.

Cheap Healthcare Facilities

Canada has one of the best policies for its citizens. The economy is strong and people are hard working. Canadians pay almost half less for their medical expenses compared to people living in the USA.

Retail Goods Cost More Because People Are Willing To Pay

It might be an element of surprise but Canadians spend a lot on retail items. Items like books, gas, tires cost more in Canada compared to the USA.

The world economy and the fluctuation in the exchange rates can be one of the reasons for causing this hike in price. Still, Canada tops the world economy.

So, Canada has a strong economy and the government takes great care of the people living there. The mixed culture and production of items of great importance make Canada even more self-sufficient and a country worth visiting.