page_title: Economy of Toronto
section_title: Finance
hierarchical_section_title: Economy of Toronto / Key industries / Finance
caption_attribution_description: Toronto Stock Exchange Español: Vista exterior del Toronto Stock Exchange, en la Bay Street.
context_page_description: The economy of Toronto is the largest contributor to the Canadian economy, at 20% of national GDP, and an important economic hub of the world. Toronto is a commercial, distribution, financial and industrial centre. It is the banking and stock exchange centre of Canada, and is the country's primary wholesale and distribution point. Ontario's wealth of raw materials and hydroelectric power have made Toronto a primary centre of industry. The metropolitan area of Greater Toronto produces more than half of Canada's manufactured goods. The economy of Toronto has had a GDP growth rate of 2.4 percent annually since 2009, outpacing the national average. Toronto's population was 2.93 million people as of 2017, while the population of the Toronto census metropolitan area was 5.92 million as recorded in the 2016 Canadian Census.
context_section_description: As the business and financial capital of the country, and one of the world's largest financial centres as per the British Global Financial Centres Index, Toronto hosts the Toronto Stock Exchange (TSX), the third largest stock exchange in the Americas by market capitalization and ninth in the world as of January 31, 2015. In the 2017 Global Financial Centres Index, Toronto was ranked as having the tenth most competitive financial center in the world, alongside cities such as London, New York City, Singapore, Hong Kong, Tokyo, San Francisco, Chicago, Sydney, and Boston. It was the first North American exchange to employ decimal pricing, and one of the first in the world to use a fully computerized system. The world's first exchange-traded fund (ETF) was listed in the exchange in 1990. The TSX is the world's largest exchange for the mining, oil and gas industry, the leader in cleantech listings, and is second in North America in the number of technology companies listed. Toronto is the fastest growing financial center in North America and the second largest in North America, after New York City and Chicago, with approximately 205,000 staff in the Canada's biggest banks and brokerages. In 2008, Forbes Magazine named Toronto the 10th most economically powerful city in the world, ahead of Madrid, Philadelphia and Mexico City.
  The Financial District in Toronto centers on Bay Street, the equivalent to Wall Street in New York. The city hosts the headquarters of all five of Canada's largest banks, Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, Bank of Montreal and Canadian Imperial Bank of Commerce, and was ranked as the safest banking system in the world between 2007 and 2014 the World Economic Forum. Toronto's economy has seen a steady boom in growth thanks to a large number of corporations relocating their Canadian headquarters into the city, and Canada's growing cultural significance. Resulting in a number of companies setting up shop in Toronto.
  The city's budget for the fiscal year 2019 was $11.559 billion and is
  funded primarily by property taxes (the net budget) totaling $4.398 billion.
caption: The Art Deco façade of the former Toronto Stock Exchange building. The Toronto Stock Exchange is the largest in Canada.
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