Ontario economy growing at fastest rate in Canada

First quarter results for this year show the Ontario economy growing at an annualised rate of three percent. Ontario’s growth increase is the highest in Canada and all G7 countries.

Premier Kathleen Wynne reported that Ontario’s real gross domestic product grew 0.8 percent in January to March, after similar growth in the final quarter of 2015.

Wynne said: “I’m very pleased that Ontario’s economy posted strong growth in the first quarter, stronger growth than we had expected in our budget, and that’s a very important signal that Ontario is on the right track,” Wynne said Monday.

Higher exports and increased household spending drove Ontario’s first-quarter gains, Wynne added.

“I just think that we need to let that sink in, that Ontario is growing at a faster rate than Canada, the United States and all other G7 countries,” she said.

“And it was widespread. It wasn’t just focused in one sector.”

Wynne also said the Liberal government believes the growing economy will allow it to eliminate a $5.7 billion deficit in 2017-18, as promised.

Conversely, the New Democrats said that the Ontario economy wasn’t as steady as the Liberals are saying, and warned of government plans to eliminate the deficit by slashing healthcare services.
 

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SOURCE: [Toronto Sun]