In 2015, Canada had a GDP of USD$1.55 trillion and was ranked the 11th in the world. The 10 provinces of Canada and the three territories all showed high GDP, although there is a wide variation among them. For instance Ontario is the most populous province in the country and is the manufacturing and trade hub in Canada. The province has extensive linkages with midwest and northeastern parts of the US. If Ontario was a country, it would rank the 20th in the world having the largest GDP, according to the figures of 2011. The GDP of the Canadian territories are comparable to the small island nations and consequently smaller than most cities in Canada. The Economies of the provinces of Newfoundland, Saskatchewan, and Alberta rely heavily on natural resources and these are the regions in the country with the highest per capita GDP values.
The Canadian States/Territories With The Highest GDP Per Capita
The Northwest Territories (NWT) is a territory in Canada covering an area of 442,000 square miles that had a population of 41,462 people in 2011 making it the most populous and the second largest of the three territories. By 2016 the population was estimated at 44,291. The primary resources in NWT include diamonds, petroleum, natural gas, and gold. The two world giant mineral resource companies Rio Tinto and BHP Billiton are engaged in mining in the region. In 2010, 28.5% of the total diamonds mined by Rio Tinto come from Divak Diamond mine in the NWT this was about 3.9 million karats. 100% of BHP diamonds mined came from EKATI mine in NWT amounting to 3.05 million karats. Northwest Territories has the highest per capita GDP among all the Canadian provinces and territories. In 2009, per capita GDP of NWT was CAD$77,000 and in 2015, it was CAD$109,122 while the GDP of the territory was CAD$4,828 million.
Alberta is a province in west of Canada and has a population of 4,196,457 people according to the estimates of 2015. It is the 4th most populous province in the country and the most populous of the three prairies provinces of Canada. The economy of Alberta is one of the strongest in the world supported by the petroleum industry, technology, and Agriculture. The per capita GDP of Alberta in 2013 exceeded that of US, Norway or Switzerland and was the highest of all the provinces of Canada standing at CAD$84,390. The figures exceeded the country’s average of CAD$ 53,870. In 2006 the difference from the national average was the largest recorded in any province in the history of Canada. The median annual family income in Alberta was CAD$70,986 after taxes, while the country’s average was CAD$60,270. In 2015, the province had per capita GDP of CAD$ 78,100 and the GDP for the province was CAD$ 326,433 million.
Yukon is the smallest and the west most of the three federal territories in Canada, the other two being the Northwest Territories and Nunavut. It has the smallest population size of any province or territory in Canada of only 35, 874 people. The territory was carved out from the Northwest Territories in 1898. Yukon has all along been dependent on mining industry with minerals like gold, silver, copper, zinc, lead, and asbestos. Other significant industries include manufacturing, clothing, furniture, and handicrafts. The government is the biggest employer in Yukon employing about 5000 people out of the 12,500 labor force in the territory. In 2015, the per capita GDP of Yukon was CAD$ 72,473, while the total GDP of the territory was CAD$ 2,710 million.