The Economy

Ontario is Canada's most productive province, generating some 40 percent of the country's gross domestic product (GDP). Its manufacturing industries lead the way. Ontario's competitive advantages include its natural resources, modern transportation system, large, well-educated labour force, reliable and relatively inexpensive electrical power, and proximity to key U.S. markets: less than a day's drive puts Ontario's products within reach of 120 million American consumers.

Automobiles are Ontario's major manufacturing industry and most important export, employing more than 140 000 people. Motor vehicles, parts and accessories accounted for 37 percent of Canada's total exports in 1998.

Also, many Ontario towns have at least one industry connected to forestry. Ninety-one percent of the forest land is

owned by the provincial government, which licenses logging rights. The forest industry accounts for 5.8 percent of Ontario's exports.

Financial industries are also a source of prosperity. Toronto is the world's fourth-largest capital market and its stock exchange is ranked among the world's top exchanges.

Mining has always played an important role in the development of Ontario's economy. Extraction of gold, nickel, copper, uranium and zinc represents a multi-billion-dollar business.

Tourism, the province's third-largest industry, is also important to the Ontario economy. In 1997, tourist expenditures of $14.1 billion generated about $2.1 billion in total revenue for the province and more than 400 000 direct and indirect jobs.