The Economy of Nunavut

Nunavut consists of an expansive terrain that encompasses a large part of the Canadian Arctic. It was created out of the eastern part of the Northern Territories in 1999. It is home to little over 37,000 people, in particular the Inuit. The Inuit are the indigenous people of Arctic Canada. The capital of Nunavut is Iqaluit.

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Major Industries in Nunavut

There are several main industries that contribute to the economy of the Nunavut. These include mining, fishing, hunting, trapping, construction, and arts and crafts. Currently, mining is one of the largest private sector industries in the region. Gold, copper, and diamonds are presently the most common natural resources that are being mined. Lead, zinc, and silver are also mined in this region. There are plans being made to expand this particular industry in the Nunavut region. Some of the obstacles in mining is regarding the cost involved. There is a great deal of expense involved with traveling to Nunavut as well as sending machinery to outer reaches of this large area. The mining industry must also not infringe upon the Arctic ecosystem as well as the Inuit people’s customs and lifestyles.

inukshukThere are several fisheries set up in this region. They are involved in offering unique selections to the global market. This industry is dependent on seasonal changes and reaching the quota allocated. It can result in about $70 million in revenue, nonetheless.

The traditional endeavours of the Inuit also make a considerable contribution to the Nunavut economy. It is estimated that these activities result in about 40 million dollars each year. Arts and crafts also make up a part of the Nunavut revenue. For a small population, it is assessed that there are about 3000 artists. It can be difficult to calculate the exact influence on the economy as many different artists sell their works privately. It is projected, however, that it is responsible for about $33 million every year.

Nunavut Tourism

The rate of tourism has gradually been increasing in Nunavut. The unchanged landscape, wildlife, and a chance to experience traditional Inuit lifestyles are just some of the reasons that tourists visit Nunavut. It was discovered that in 2011, tourism was responsible for about $40 million a year in revenue. It made up about 3.2 percent of total gross domestic product of Nunavut. There were at least 1200 jobs created due to this sector. The government and other interested parties are investing millions of dollars into this sector in hopes that it will be a thriving source of income.

Banking and Finance in Nunavut

There are limited banks and sources of financing in Nunavut. There are typically six different ways to gain fiscal support in this particular region. This involves the federal government, three community futures groups, several Inuit economic development agencies, and some territorial government institutions. There are also three different chartered banks. Residents also have the option of using Cape Fund, a private sector investment fund or the business development bank of Canada. The latter institution is owned by the Canadian government and is responsible for loan and investment opportunities.

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Borrowing in Nunavut

For those attempting to borrow money for personal reasons such the two main options are payday loans and personal loans. The payday loans are typically granted by independent financial institutions while personal loans can also be requested from banks. For other purposes such as educational, banks also offer the option of requesting various loans as well as opening a line of credit.

The Business Development Bank of Canada (BDC) and Community Business Development Corporations (CBDC) are capable of providing many of the loans requested by businesses. These loans are available for start-up companies as well as business owners looking to expand their organizations. For individuals involved in agriculture or media, there are loans that are tailored to these specific industries. There are also revenue options opened to those who are Inuit and live in the Nunavut region.

Nunavut is a fairly new region of Canada that is still finding its feet in a variety of ways. While it has a strong economy, there are many ways in which it can be improved. The governments of Nunavut and Canada are both experimenting different tactics to expand the Nunavut economy.

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Nunavut Wildlife

lynx Nunavut is known for its largely untouched landscape. This is one of the reasons why there is such a wide array of wildlife in this region. Nunavut has many wondrous creatures both on land and below the surface of the water. Regardless of the time of year there always are many magnificent animals to be seen in the Arctic Canada.

Animals Native to Nunavut

There are dozens of creatures that are native to Nunavut. There are two types of foxes that can be found in the Arctic Canada – the Arctic fox and the Red fox. The Arctic fox has an incredibly protective coat that allows it to withstand the cold temperatures in Nunavut. The Red fox, however, can be found throughout Canada. Another part of the canid family found in this region are the wolves, which are also indigenous to the Northern Territories. They tend to aggregate in places that are less inhabited by humans.

Despite its name, the wolverine does not have anything in common with wolves or even the canine family. It is more similar to the weasel. The Canadian Lynx has also created its home in Nunavut. This feline resembles a very large domestic cat. One of the greatest threat to the Canadian Lynx is trappers who frequently hunt them for their coats.

There are also several birds that nest in Nunavut. Among these are the Snowy owl, Tundra swan, Peregrine falcon, Pacific loon, Canada goose and Bald eagle. The national bird of Nunavut is the Rock ptarmigan. Rather than migrating prior to the cold season, it spends its winter in Nunavut.

The caribou and the moose are two deer-species that have a habitat in Arctic Canada. Caribou tend to migrate to warmer climes when the weather begins to change. The moose, however, have a tendency to tolerate the cold quite well and prefer lower temperatures.

The two types of bear that are native to Nunavut are the polar bear and the grizzly bear. Due to its physical characteristics and its dietary preferences, the polar bear tends to stick to the outskirts of the Canadian Arctic. The grizzly bear can live in forests, the alpine meadow of the Tundra.

Walrus, Greenland sharks, harp seals, and killer whales are some of the creatures that are known to inhabit the waters of Nunavut.

Nunavut Tourism for Wildlife Viewing

One of the types of tourism related to the wildlife in Nunavut is wildlife viewing. The other is hunting. There are several ways that tourists can indulge in wildlife viewing. This can be done either by land, sea, or even by air.

On land, tourists can go on a variety of expeditions across the region. This can be done by dog sleds, on ATVs, snowmobiles. Visitors also have the options of trekking across the terrain by foot or by going cross country skiing. With guides in tow, tourists can see polar bears, caribou, and muskox.

There are also several creatures to be seen by sea. A boat can take visitors to see walrus on ice, belugas, bowhead whales, and even the mythical looking Narwhal. For those looking for a less intimate adventure, there are small aircrafts that allow them to see the views from the skies.

Nunavut Vegetation

Vegetation in Nunavut have unsavoury weather conditions to deal with. The winters tend to go on for a longer period of time while the summer is considerably shorter. In addition, there is very little rain and the soil is quite acidic and lacking in nitrogen. The plants in Nunavut survive these conditions due to their incredible durability. The vegetation also has the tendency to grow in clusters and form microenvironments that result in higher surrounding temperatures. The plants found in this region are certain berries, Arctic Willows, moss, willow shrubs, lichens, and tough grass.

Nunavut offers a great deal in terms of wildlife and vegetation. The people of Nunavut have to strive to ensure that the environment, terrain, and the animals are protected from a variety of changes.