Overview of Toronto

Economy of Toronto

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Canadian Economy

Canada has a robust economy, the eleventh-largest in the world. It is one of the world's wealthiest nations with a nominal GDP of approximately US$1.74 trillion. Canada's economic freedom score is 79.9, making its economy the 6th freest in the 2012 Index and the freest economy in North America. The country has a mixed economy, closely resembles the U.S. in its market-oriented economic system. Canada's economic integration with the United States has increased significantly since World War II.

The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) allowed for dramatic increase in trade. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year. It is a member of the Organization for Economic Co-operation and Development (OECD) and Group of Eight (G8).

The Canadian economy is dominated by the service industry which employs about three quarters of Canadians. The country is also a wealth of natural resources with logging, commercial fishing, and oil considered some of it's most important industries. Canada also has a manufacturing sector concentrated on the automobile and aircraft industry. The country is also unusual in being one of the few developed nations that are net exporters of energy.

Economy of Toronto

Toronto has a very strong and competitive economy. Toronto's GDP is 18% of Canada's GDP which is in large part due to the strong financial industry in Toronto. Toronto is home to the Toronto Stock Exchange, the five major banks of Canada, and most foreign financial institutions in Canada are located within Toronto as well. Toronto is known as the Canadian business powerhouse.

Beyond the strong financial industry, Toronto also has strong sectors in technology, life sciences, automotive and many of Canada's prominent academic and research centers are located in Toronto. Every sector in business is competitive ranging from the film industry to the food and beverage industry.

Update 18/08/2018

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