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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
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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.
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