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Product/Service Name: Western Economic Diversification Canada Company: Western Economic Diversification Canada ; 250- 240 Graham Avenue ; Ph: (204) 983-4472 ; Ph2:1-888-338-9378 ; Email: info.manitoba@wd.gc.ca About Western Canada Western Canada has a resource driven economy. Although differences exist among the four western provinces in terms of economic structures, one key similarity is prevalent: economic performances in these regions are heavily dependent on commodities and natural resources, which include agriculture, forestry, mining and oil and gas. Compared to the rest of Canada (ROC), the West's economic output from the resource sector accounts for a much higher component of the total GDP (see Figure 1). For example, in 2007, 15% of the regions' GDP was produced by the resource sector, comparing to 3% for the rest of the country. In British Columbia, the forestry industry is at the forefront of the economic landscape. In Alberta, oil and gas production dominates the province's economy. Saskatchewan's mix of potash mining, oil extraction, and agriculture industries leads its growth. Manitoba's wide range of mining, agricultural and manufacturing products form its economic foundation. Western Canada's economy is also largely dependant on trade, with approximately one third of its total GDP derived from exports. The largest trading partner is the US, accounting for about 80% of the regions' total exports. Strong economic growth has created tremendous opportunities for industries such as manufacturing, industrial and residential construction, science and technology innovation, and services throughout the regions.Western Canada has been taking advantage of these opportunities and working hard to build stronger economic foundations and maintain its competitiveness in the global market. |
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