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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.
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]
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 ...
The United States has the largest economy globally and Canada ranks 9th at US$2.015 trillion. [5] The US share of the global market economy estimated at US$79.98 trillion, was c. 25% in 2018, which is down from 35% in 2005. [6] China's global e-commerce market share has grown rapidly from less than 1% in c. 1998 to 42% in 2018.
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.
Note: "Poverty among the elderly in Canada is at 6.7 per cent, much lower than for children or the working-age population." 2018 U.S. News & World Report Best Countries for Education [13] 4 - Measures quality of education in the 80 most developed countries 2022 State of World Liberty Project: State of World Liberty Index [14] 4 Top 5%
The Government of Canada collects about $5 billion per year in excise taxes on gasoline, diesel, and aviation fuel [21] as well as approximately $1.6 billion per year from GST revenues on gasoline and diesel (net of input tax credits). The Canada Revenue Agency, a part of the government, collects these taxes.