While farm family insurance has a variety of coverage benefits, it's particularly good to have because it protects growers from liability in the event someone is injured while on their property or someone is sickened after consuming their fruits and vegetables. But these incidents are few and far between, evidenced by the amount of fresh produce that shipped to other countries. And in 2014, its these and other exports that will greatly benefit Ontario's economy, according to a new report released by the Royal Bank of Canada.
In 2014 and 2015, heightened demand for exports will likely boost the province's economic strength, the RBC Economics Provincial Outlook revealed. In fact, real gross domestic product from these exports could jump by 2.6 percent next year and by nearly 3 percent the following year.
Craig Wright, senior vice president and chief economist at RBC, indicated that just as the U.S. is the beneficiary of Canada's economic successes, the same hold true for Canada when its neighbor to the south makes notable improvements.
"Going forward, we expect the U.S. economy to speed up its recovery, which will undoubtedly bode well for Ontario's exports," said Wright. "We expect growth for the province to clock in at 2.6 per cent in 2014, the strongest pace in four years."
Among specific industries, service-producing will likely thrive in the coming years, similar to how it performed in 2013. RBC cited financial services, food services, education and professional services as all advancing in the next two years.
Manufacturing to bounce back?
Though manufacturing has struggled more recently – almost to the point of stalling, according to Wright – there's evidence to suggest that it might pick up steam in 2014 and after that. The RBC report revealed that heightened demand for machinery from Ontario companies should serve as another way in which the province's economy will improve.
According to Agriculture and Agri-Food Canada, which is a segment of the Government of Canada, the farming industry adds approximately $100 billion to Canada's GDP every year. Comparatively speaking, that's more than the national GDP of 66 percent of the world's 190-plus countries.
An especially robust component of Canada's exporting success is agriculture. Only four other countries export more agriculture-related goods and services to the world than Canada, according to government figures. Agriculture also employs more than 2 million of the nation's 35.1 million residents.
As the leaf symbol on Canada's flag suggests, the world's maple syrup is almost entirely made in Canada, along with several states in the U.S. But Canada is known for many other staple crops as well, based on government statistics. Quebec's top commodities are dairy and pigs. In Ontario, grains, oilseeds and dairy are produced in abundance. Grains like wheat are also staple crops in Manitoba, Saskatchewan and Alberta. Atlantic Canada's commodities are mostly composed of horticulture, dairy and poultry, while on the opposite side of the country, British Columbia's is dairy and garden management. The territories' include greenhouse crops, eggs, wild game, wild berries and forage for cattle.