The economy of Ontario is diversified. Ontario is the largest economy in Canada, making up around 38% of Canadian GDP.[1][2] Though manufacturing plays an important role in Ontario's economy responsible for 12.6% of Ontario's GDP, the service sector makes up the bulk, 77.9%, of the economy.[3] Ontario's net debt-to-GDP ratio will rise to 40.7% in the year 2019–2020.[4]
Ontario is the most populous province of Canada, with a population of approximately 14.19 million permanent residents in 2017.[5] It is Canada's leading manufacturing province, accounting for 46% of the manufacturing GDP in 2017.[6]
The CPI inflation of the province in 2018 was confirmed to 2.2%, with the unemployment rate at 5.6% as of January 2019. This unemployment rate is based on the 447,400 unemployed people in Ontario.[7][8] As of 2018, the province's credit rating ranged from AA-negative (Moody's) to A+-stable (S&P).[9]
In 2017, Ontario's main international exports were motor vehicles and parts (35.3%), mechanical equipment (10.1%), precious metals and stones (9.8%), electrical machinery (3.9%), and plastic products (3.6%).[10] Ontario's main international imports were motor vehicles parts and accessories (22.6%), mechanical equipment (14.4%), electrical machinery (11.4%), plastic products (3.9%) and pharmaceutical products (3.4%).[10]
Ontario was the leading province for attracting foreign direct investment (FDI) in North America in 2013, with $7.23bn. This accounted for more than one-tenth of all FDI in North America. It was also the 4th biggest for outward FDI, recording $7.74bn.[11]
As of 2017, Ontario is the second fastest-growing provincial economy in Canada, the first being Alberta.[12]
- ^ "Gross domestic product (GDP) at basic prices, by industry, provinces and territories". 2017. Retrieved 17 October 2018.
- ^ "Pie chart, showing percentage share of Canada's GDP by province and territories". Ontario.com. Archived from the original on 13 January 2007. Retrieved 2 February 2007.
- ^ "About Ontario". Ontario.com. Retrieved 28 March 2014.
- ^ "ONTARIO BUDGET 2019" (PDF). Royal Bank of Canada. 11 April 2019. Retrieved 21 September 2019.
- ^ "Canada 2016 Census".
- ^ "Gross domestic product (GDP) at basic prices, by North American Industry Classification System (NAICS), provinces and territories". CANSIM. Retrieved 17 October 2018.
- ^ "Ontario Fact Sheet August 2018". Ontario Ministry of Finance. Retrieved 17 October 2018.
- ^ "Labour market report, January 2019". www.ontario.ca. Retrieved 24 September 2019.
- ^ "Update on Ontario's Credit Rating". Financial Accountability Office of Ontario. Retrieved 23 October 2018.
- ^ a b "Ontario Fact Sheet March 2017". Ontario.com. Retrieved 18 October 2018.
- ^ "The fDi Report 2014 – North America". fDi Intelligence. Retrieved 11 August 2014.
- ^ "Gross domestic product (GDP) at basic prices, by North American Industry Classification System (NAICS), provinces and territories". CANSIM. Retrieved 18 October 2018.