Nunavut, Canada’s northernmost and newest territory has the highest unemployment rate at 13.5% while Yukon has the lowest rate in the whole country. Canada is one of the world’s wealthiest and developed nations. The country’s overall unemployment rate is 6.6%, and different provinces and territories record varying unemployment rates.
The Economy Of Canada
Canada’s GDP is estimated at $1.6 trillion ranking 10th and 15th by Purchasing Power Parity. The GDP recorded a 0.5% growth in 2015. The country’s GDP per capita is estimated at $56,100 and ranks 10th and 9th by Purchasing Power Parity. The currency in use in the country is the Canadian dollar and the fiscal year runs from April1st, to March 29th. GDP contribution by sector is Services (69.8%), agriculture (1.7%), and industry (28.5%). The nation’s primary industries include food products, transport equipment, chemicals, fish produce, wood and paper items, petroleum, and natural gas. Canada is blessed with minerals ranging from zinc, sulfur, nickel, iron, magnesium, and gold. In 2015, the country’s exports were valued at $523.904 billion, the major exports being motor vehicles, chemicals, aircraft, industrial machinery, and crude petroleum. The country imported goods worth $547.874 billion including machinery and equipment, chemicals, durable consumer items, and motor vehicle and associated parts. Canada is ranked 22nd on ease of doing business.
The Major Employment Generating Sectors In Canada
The country’s labor force totals 19 million. 76% of this population is employed in the country’s service sector. The retail sector, business service, health care, education, and high-tech sectors are the leading employers in the service industry. Manufacturing accounts for a 13% share of the labor force. Motor vehicles and aircraft production are the largest employers in the manufacturing sector. 6% of the workforce is engaged in the construction industry. Agriculture employs 2% of the total labor force with the primary products being wheat, oil seeds, meat products, fruit and vegetables, and poultry products.
Canadian Province/Territory With The Highest Unemployment Rate
Nunavut is ranked as the territory with the highest unemployment rate at 13.5%.The territory is the newest to be established in Canada, and it was created, in part, to protect indigenous culture. Despite the territory having a young population, education remains a hurdle as seen in the low high school graduation rates. Businesses commonly quote the lack of qualification as a primary reason for the unemployability of the territory’s population. The territory’s population practices a mixed economy with elements of the traditional subsistence economy and the more recent wage economy. Commercializing some activities such as arts and crafts and hunting and gathering in some communities has been difficult.
Canadian Province/Territory With The Lowest Rate Of Unemployment
The territory of Yukon has a 5.5% unemployment rate, the lowest in the nation. The major employers in the territory are public administration, retail services, accommodation, and construction. Yukon’s economy benefits lucratively from mineral deposits including lead, gold, zinc, and silver.
The unemployment rate in the nation is projected to rise to 7.4% in 2017. The country’s economy is expected to grow at the rate of 2.4%. Canada’s Provinces and Territories are seeking to diversify their economies and reduce dependence on unpredictable sectors such as energy and mining. The western provinces are projected to continue having the lowest unemployment rates.