Economy of Ontario

rdf:langString Economy of Ontario

rdf:langString The economy of Ontario is diversified. Ontario is the largest economy in Canada, making up around 38% of Canadian GDP. 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. 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. The CPI inflation of the province in 2018 was confirmed to 2.2%, with the unemployment rate at 5.6% as of January 2019. This unemployment rate is based on the 447,400 unemployed people in Ontario. As of 2018, the province's credit rating ranged from AA-negative (Moody's) to A+-stable (S&P). 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. As of 2017, Ontario is the second fastest-growing provincial economy in Canada, the first being Alberta.