Canada's Economic Diversity Takes A Hit: Oil, Gas And Mining Now Nearly As Big As All Of Manufacturing

A new report from Bank of Montreal predicts that oil-rich Alberta will lead the country in economic growth this year, yet another confirmation of Canada’s growing dependence on natural resources to fuel its economy.

Most Canadians understand how the country’s industrial mix has shifted over the last decade to become increasingly weighted toward oil, gas and mining, for better or worse.

But data compiled by The Huffington Post reveal just how dramatic that economic pivot has been. With the help of a Statistics Canada analyst, HuffPost found that the dollar value of these three sectors has jumped an estimated 170 per cent in the last 10 years, to $163 billion from $60 billion in current dollar values — the steepest climb of any industry group.

(Calculations were based on Statistics Canada GDP data, which have been finalized through 2008. More recent figures are estimates, and are therefore subject to revision.)

The contribution of these industries to overall GDP in 2011 was less than finance, insurance and real estate at 19 per cent, and manufacturing at 11 per cent, but recent growth has been more impressive. As a share of GDP, finance, insurance and real estate held steady during the past decade, while manufacturing’s slice of the pie was eroded by almost half.