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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]
A table listing total GDP (expenditure-based), share of Canadian GDP, population, and per capita GDP in 2023. For illustrative purposes, market income (total income less government transfers) [1] per capita from tax returns is included. (The per capita, rather than per tax filer, measure is chosen for comparability with GDP per capita.)
Ontario's wealth of raw materials and hydroelectric power have made Toronto a primary centre of industry. The metropolitan area of Greater Toronto produces more than half of Canada's manufactured goods. The economy of Toronto has had a GDP growth rate of 2.4 percent annually since 2009, outpacing the national average. [2]
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 ]
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates .
Nominal GDP (billion US$) [needs update] Year Pop. (mil) Nominal GDP per capita (thousand US$) California: State United States: North America: 4,080 2024 [1] 38.9 105 Texas: State United States: North America: 2,695 2024 [1] 30.5 87 England: Constituent country United Kingdom: Europe: 2,674 2022 [2] 57.1 47 New York: State United States: North ...
President Donald Trump's tariff threats have raised concerns about the impact on the closely intertwined U.S.-Canada trade relationship. Trump, seen in this January 2020 file photo, visited Warren ...
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 ...