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While Canada's ten provinces and three territories exhibit high per capita GDPs, there is wide variation among them. Ontario , the country's most populous province, is a major manufacturing and trade hub with extensive linkages to the northeastern and midwestern United States .
Petroleum production in Canada is a major industry which is important to the overall economy of North America. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer and fourth largest oil exporter. In 2019 it produced an average of 750,000 cubic metres per day (4.7 Mbbl/d) of crude oil and equivalent.
According to a 2018 report, British Columbia, which has had a carbon price since 2008, had the fastest growing economy in Canada. [52] In their April 25, 2019 report, Canada's Parliamentary Budget Officer estimated that the federal government "will generate CA$2.63 billion in carbon pricing revenues in 2019-20."
The Bank of Canada has raised interest rates aggressively this year to tackle persistent inflation, which has eased slightly from a peak of 8.1%. Canada's Ontario to extend gas, fuel tax cut for a ...
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]
Production in the other major OECD producers (the United States, United Kingdom, Norway and Mexico) at that time have been declining, as was conventional oil production in Canada. Total crude oil production in Canada was projected to increase by an average of 8.6 percent per year from 2008 to 2011 as a result of new non-conventional oil projects.
In 2024, Canada ranked fourth in the world in U.S. News & World Report's Best Countries rankings, with an overall indexed score of 94.1 out of 100: Canada's strong ranking was due to its performance in several categories. [2] Canada has been ranked in the top five countries by U.S. News for the past four years.
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