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The Toronto-Dominion Centre in Toronto. 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, the country's most populous province, is a major manufacturing and trade hub with extensive linkages to the northeastern and midwestern United States. The economies of Alberta, Saskatchewan, Newfoundland and Labrador and the territories rely heavily on natural resources.
The economy of Toronto is the largest contributor to the Canadian economy, at 20% of the national GDP, and an important economic hub of the world. [1] Toronto is a commercial, distribution, financial and industrial centre. It is Canada's banking and stock exchange centre and is the country's primary wholesale and distribution point.
The great majority of Ontario's population and arable land is in Southern Ontario, and while agriculture remains a significant industry, the region's economy depends highly on manufacturing. In contrast, Northern Ontario is sparsely populated with cold winters and heavy forestation, with mining and forestry making up the region's major industries.
Economy of Ontario. Economic rank (by nominal GDP) - This ranking shows only the Rank of Canada, the country in which is located Ontario; Agriculture in Ontario; Banking in Ontario. National Bank of Canada; Royal Bank of Canada; Communications in Ontario. Internet in Ontario; Radio stations in Ontario; Television in Ontario. Television stations ...
Responsibilities for economic development in the Ontario government shifted over time as the province's economy evolved. Prior to confederation, the Bureau of Agriculture of the Province of Canada was responsible for collecting facts and statistics relating to the agricultural, mechanical and manufacturing interests.
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The general pattern of development for wealthy nations was a transition from a raw material production-based economy to a manufacturing-based economy and then to a service-based economy. At its World War II peak in 1944, Canada's manufacturing sector accounted for 29% of GDP, [ 109 ] declining to 10.37% in 2017. [ 102 ]