The economy of Ontario is diversified. Ontario is the largest economy in Canada. 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. Ontario?s net debt-to-GDP ratio will rise to 40.7% in the year 2019-2020. In 2019, Ontrio’s GDP 744,444 B. Ontario is the most populous province of Canada, with a population of approximately 14.19 million permanent residents in 2017. It is Canada’s leading manufacturing province, accounting for 46% of the manufacturing GDP in 2017.
International trade has always been a vital part of Ontario’s economy. Today, Ontario is well positioned to do more. Ontario companies are setting the pace for change through new products and services in key sectors, including automotive, financial technology, information and communications technology, advanced manufacturing, artificial intelligence, medtech and aerospace. 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%). 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%). Ontario was the leading state/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 state for outward FDI, recording $7.74bn.
Main Production Sector and Useful Links
Approximately four-fifths of Ontario’s GDP is composed of service sector industries. The remaining one fifth is the goods sector. More than half of the goods sector is manufacturing. One-third is the construction sector, and a tenth is the utility sector. Ontario is part of the North American manufacturing heartland. Examples of Ontario’s key manufacturing industries include autos, information and communications technologies, biotech, pharmaceuticals and medical devices. Ontario also has more than half of the highest quality (?Class 1?) farm land in Canada. There are 51,950 farms in Ontario (Census of Agriculture, 2011) and they make up almost one-quarter of all farm revenue in Canada.