Economy of Ontario

Economy of Ontario

The Economy of Ontario is a rich and diversified economy, however it is several hundred millions of dollars in debt. Ontario has the largest economy in Canada, its GDP being nearly twice that of neighbouring Quebec, the second largest economy. [cite web|url=http://www40.statcan.ca/l01/cst01/econ15.htm|title=Breakdown of Canadian GDP, by province.|work=Statistics Canada|"'accessdate=2007-02-02] [cite web|url=http://www.2ontario.com/welcome/bcei_201.asp|title=Pie chart, showing percentage share of Canada's GDP by province and territories|work=Ontario.com|accessdate=2007-02-02] [cite web|url=http://en.wikipedia.org/wiki/List_of_Canadian_provinces_and_territories_by_gross_domestic_product|title=List of Canadian provinces and territories by gross domestic product|work=Wikipedia, the free encyclopedia|accessdate=2007-02-02] The Ontarian economy is highly influenced, and run by the service sector, though manufacturing also plays an important role. [cite web|url=http://www.2ontario.com/facts/fact02.asp|title=Ontario is highly influenced and ran by the service sector|work=Ontario.com|accessdate=2007-02-02]

Ontario is the most populous province of Canada, with a population of about 12.5 million permanent residents. [cite web|url=http://www40.statcan.ca/l01/cst01/demo02a.htm?sdi=population%20province|title=Ontario is the most populous province of Canada, 39% of Canadians live in Ontario.|work=Statistics Canada|accessdate=2007-02-02] [cite web|url=http://en.wikipedia.org/wiki/List_of_Canadian_provinces_and_territories_by_population|title=List of Canadian provinces and territories by population|work=Wikipedia, the free encyclopedia|accessdate=2007-02-02] It is Canada's leading manufacturing province accounting for 52% of the national manufacturing shipments in 2004.cite web|url=http://www.2ontario.com/facts/fact01.asp|title=Economic overview of Ontario|work=Ontario.com|accessdate=2007-02-02]

Inflation is slowly reducing in Ontario, it was 2.2% in 2005, and is forecast to be 2.1% in 2006, and 1.8% in 2007.cite web|url=http://www.2ontario.com/facts/fact01.asp|title=Economic overview of Ontario|work=Ontario.com|accessdate=2007-02-02]

Ontario has an unemployment rate of 6.3%, equivalent to the unemployment rate of Canada as a whole. [cite web|url=http://www40.statcan.ca/l01/cst01/labor07b.htm|title=Labour force, and employment statistics of Canada and its provinces.|work=Statistics Canada|accessdate=2007-02-02]

Ontario's main exports are motor vehicles parts and accessories (40.4%), Machinery and mechanical appliances (10.8%), electrical machinery & equipment (5.6%) and plastic (4.1%). [cite web|url=http://www.2ontario.com/welcome/ooit_302.asp|title=Ontario's main exports by product|work=Ontario.com|accessdate=2007-02-02]

Ontario's main imports are motor vehicles parts and accessories (22.3%), machinery and mechanical appliances (17.7%), electrical machinery and equipment (10.8%), plastic (4.2%) and scientific, professional and photo equipment (3.6%). [cite web|url=http://www.2ontario.com/welcome/ooit_308.asp|title=Top Five Ontario imports by commodity, 2005|work=Ontario.com|accessdate=2007-02-02]

History

In the 19th century, Ontario was mostly unexplored and the amount of natural resources within the province was yet to be recognized. Vast amount of land in the province was forest, at the time, the demand for lumber was enormous as wood was needed for heating and building ships, houses, furniture and railways. During the Napoleonic wars, Britain was cut off from its wood supply from the Baltic Sea and was in desperate need for wood. [cite web|url=http://66.102.9.104/search?q=cache:PsRrpZjggsIJ:www.soto.on.ca/history_of_ontario/industry_in_early_ontario.html+Industrial+History+of+Ontario&hl=en&ct=clnk&cd=1&gl=ca|title=Industrial History of Ontario|work=www.soto.on.ca|accessdate=2007-02-24]

To be completed

ectors

Agriculture and its economic income

Statistics Canada [cite web|url=http://www.statcan.ca/start.html|title=Statistics Canada Homepage (English)|accessdate=2007-02-08] indicates that the farm population in 2001 was 186,085 which is a steep −15.9% decline from 1991's 221,230 farm population.cite web|url=http://www40.statcan.ca/l01/cst01/agrc42g.htm|title=Farm population, by province (2001 Censuses of Agriculture and Population)
work=Stastics Canada|accessdate=2007-02-08] Though urban farm population isn't dropping as fast as the rural, urban farm population dropped by 10%, compared to the rural's −16%.cite web|url=http://www40.statcan.ca/l01/cst01/agrc42g.htm|title=Farm population, by province (2001 Censuses of Agriculture and Population)
work=Stastics Canada|accessdate=2007-02-08]

The 2001 Census of Agriculture [cite web|url=http://www.statcan.ca/english/agcensus2001/release.htm|title=2001 Census of Agriculture Homepage|work=2001 Census of Agriculture|accessdate=2007-02-03] indicates that the number of farms has declined sharply between 1996 and 2001, continuing a long-term trend.cite web|url=http://www.statcan.ca/english/agcensus2001/first/regions/farmon.htm#1|title=2001 Census of Agriculture; Ontario; Introduction|work=2001 Census of Agriculture|accessdate=2007-02-03] The 2001 Census of Agriculture counted 59,728 farms in Ontario that's an 11.5% decline since 1996, which is higher than the decline of 10.7% national average.cite web|url=http://www.statcan.ca/english/agcensus2001/first/regions/farmon.htm#1|title=2001 Census of Agriculture; Ontario; Introduction|work=2001 Census of Agriculture|accessdate=2007-02-03]

Even though farms are rapidly reducing in Ontario, Ontario still possesses the highest number of farms in comparison to the provinces and territories, with roughly 59,728. Alberta came second with 53,652, and Newfoundland & Labrador had the fewest with 643 farms.cite web|url=http://www.statcan.ca/english/agcensus2001/first/regions/farmon.htm#1|title=2001 Census of Agriculture; Ontario; Introduction|work=2001 Census of Agriculture|accessdate=2007-02-03] Ontario’s farms nationwide have declined slightly during the past two decades. In 1981, Ontario accounted for 26% of the national total. By 2001, it had declined to 24%.cite web|url=http://www.statcan.ca/english/agcensus2001/first/regions/farmon.htm#1|title=2001 Census of Agriculture; Ontario; Introduction|work=2001 Census of Agriculture|accessdate=2007-02-03]

Although, the number of farms in Ontario is decreasing,cite web|url=http://www.statcan.ca/english/agcensus2001/first/regions/farmon.htm#1|title=2001 Census of Agriculture; Ontario; Introduction|work=2001 Census of Agriculture|accessdate=2007-02-03] the size of farms are increasing.cite web|url=http://www.statcan.ca/english/agcensus2001/first/regions/farmon.htm#2|title=2001 Census of Agriculture; Ontario; Farm Size|work=2001 Census of Agriculture|accessdate=2007-02-03] The average Ontario farm size was convert|226|acre|km2 in 2001, up 9.7% from 1996. Since 1981, the average farm size has increased by 24.9% from convert|181|acre|km2.cite web|url=http://www.statcan.ca/english/agcensus2001/first/regions/farmon.htm#2|title=2001 Census of Agriculture; Ontario; Farm Size|work=2001 Census of Agriculture|accessdate=2007-02-03]

Ontario’s total farm area has declined 2.7% since 1996 to 13,507,357 acres (54,662 km²) in 2001. However, cropland increased 3.2% to just over 9 million acres (36,000 km²), the highest level since 1941. Eastern Ontario led the increase with a gain of 9.2% in cropland.cite web|url=http://www.statcan.ca/english/agcensus2001/first/regions/farmon.htm#2|title=2001 Census of Agriculture; Ontario; Farm Size|work=2001 Census of Agriculture|accessdate=2007-02-03]

References


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