A Study On Ontario’s GDP In 2020
Ontario is one of the thirteen provinces and territories of Canada. Located in Central Canada, it is Canada’s most populous province, with 38.3 percent of the country’s population, and is the second-largest province by total area.
COVID-19 Impact on the GDP
Ontario is the largest economy in Canada. With a GDP of 1.86 trillion 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.
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.
The region has also emerged as Canada’s largest biotechnology cluster, with over 50% of the country’s life sciences companies based in the area. Toronto’s biotech industry is centered around the Discovery district, a 2.5 km2 area of the downtown core hosting a number of large hospitals, leading research institutions, and the MaRs building.
Ontario’s economy thrives through its unique combination of resources, manufacturing expertise, exports, and a drive for innovation. Ontario generates 37% of the national GDP and is home to almost 50% of all employees in high tech, financial services, and other knowledge-intensive industries”.
