The Ontario government says the economy continues to post strong growth despite a challenging global landscape.
The province says in the first quarter of 2016, Ontario posted higher real GDP growth than Canada, the U.S. and all other G7 countries.
Premier Kathleen Wynne says the province’s real GDP grew by 0.8 per cent in the quarter, or a 3.0 per cent annualized rate. This followed similar growth of 0.8 per cent — 3.3 per cent annualized — in the fourth quarter of 2015. She says Ontario’s economy is expected to remain one of the fastest-growing in Canada over the next two years.
The first-quarter gain was driven by higher exports and household spending. Exports rose by 1.7 per cent, rising for the fourth consecutive quarter, on the strength of automotive exports and consumer goods. Manufacturing real GDP grew by 1.2 per cent on the strength of increased production in the auto industry.
Since the end of the recession, Ontario’s real GDP has increased by 17.3 per cent, and it is now 11.8 per cent above its pre-recession level.
The Premier made the announcement today during a visit to Infusion, a Toronto technology solutions development company that employs 200 people.
Wynne also says Ontario’s unemployment rate declined to 6.4 per cent in June, which is below the national average and the lowest rate since September 2008.
She also says “The government is projected to meet its deficit target for the seventh year in a row, and it remains on track to eliminate the deficit next year in 2017–18 and maintain a balanced budget in 2018–19.”