Economic developments in Canada last year were again largely shaped by the global economy, Statistics Canada said today.

StatsCan said this reflects the historic changes taking place as a result of globalization, notably the integration of Asia into the world economy.

The agency said Canada’s economy is undergoing rapid and profound changes, and not just between booming resources and construction and declines in some manufacturing industries.

It said the energy sector is developing new sources. while manufacturing itself was being buoyed by the strength in resources and investment demand.

As well, all sectors have to deal with a shift in trade flows to Asia.

Despite dislocations in some sectors, Canada overall rode a wave of prosperity to a 30-year low in unemployment, record equity and housing prices, and rising government and trade surpluses, especially in Western Canada.

Prices in commodity markets rose sharply for a third straight year, initially led by energy and more recently by mining products.

Meanwhile some manufacturers, such as foresters and clothiers , were squeezed by the combination of soaring input costs and a rising Canadian dollar.