Economy of Ontario
From Wikipedia, the free encyclopedia
The
economy of Ontario is rich and diversified.
Ontario is the largest economy in
Canada, with a
GDP nearly twice that of neighbouring
Quebec, which is Canada's second largest economy.
[1][2] Though
manufacturing plays an important role in Ontario's economy, it is the
service sector that takes up 76.9%.
[3] Ontario's deficit was CAD$9.8 billion in 2012-2013 (1.5% of the GDP),
[4] and is expected to rise to CAD$11.7 billion in 2013-2014.
[4]
Ontario is the most populous province of Canada, with a population of approximately 13.5 million permanent residents in 2013.
[5] It is Canada's leading manufacturing province, accounting for 46% of the manufacturing GDP in 2012.
[6]
Inflation is at 1.0% as of July 2013, and the unemployment rate is at 7.5%.
[7] In 2012, the ratings agency
Moody's downgraded the province's credit rating from an AA1 negative outlook to an AA2 stable outlook in April 2012.
[8]
In 2013, Ontario's main international exports were
motor vehicles and parts (34.2%),
Precious Metals and Stones (12.3%), Mechanical Equipment (8.8%), Electrical machinery (3.8%), and plastic products (3.6%).
[9] Ontario's main international imports were motor vehicles parts and accessories (21.7%), mechanical equipment(14.2%), electrical machinery (11.8%), precious metals & stones (4.5%) and plastic products (3.7%).
[9]
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.
[10]