Ontario economy growing at 2.6 per cent
The low Canadian dollar is leading to high fives at cash-strapped Queen’s Park.
Ontario’s economy grew 0.7 per cent in the third quarter of last year outpacing growth in the United Kingdom, Japan, Italy, Germany, and France, according to data released Friday.
That compares to 0.2 per cent in the second quarter.
However, Ontario lagged slightly behind the U.S., which grew 0.9 per cent in the third quarter after a 0.4 per cent gain in the second.
“The province remains a growth leader in Canada and amongst G7 countries. But there is still more work to do,” said Finance Minister Charles Sousa, who has promised to eliminate a $4.3 billion deficit in the spring budget.
“We will keep moving forward with our plan to support an innovative and dynamic business environment and to ensure more communities across the province benefit from Ontario’s growth,” said Sousa.
With the Canadian dollar hovering at around 75 cents against the U.S. greenback – thanks to low oil prices that are walloping Alberta – Ontario exports are helping propel the economy.
“Higher exports were the primary driver behind the third quarter gain, while continued growth in household spending also contributed to the overall increase in real GDP (gross domestic product),” according to the 47-page fiscal report.
https://www.thestar.com/news/queenspark/2017/01/13/ontario-economy-growing-at-26-per-cent.html
The low Canadian dollar is leading to high fives at cash-strapped Queen’s Park.
Ontario’s economy grew 0.7 per cent in the third quarter of last year outpacing growth in the United Kingdom, Japan, Italy, Germany, and France, according to data released Friday.
That compares to 0.2 per cent in the second quarter.
However, Ontario lagged slightly behind the U.S., which grew 0.9 per cent in the third quarter after a 0.4 per cent gain in the second.
“The province remains a growth leader in Canada and amongst G7 countries. But there is still more work to do,” said Finance Minister Charles Sousa, who has promised to eliminate a $4.3 billion deficit in the spring budget.
“We will keep moving forward with our plan to support an innovative and dynamic business environment and to ensure more communities across the province benefit from Ontario’s growth,” said Sousa.
With the Canadian dollar hovering at around 75 cents against the U.S. greenback – thanks to low oil prices that are walloping Alberta – Ontario exports are helping propel the economy.
“Higher exports were the primary driver behind the third quarter gain, while continued growth in household spending also contributed to the overall increase in real GDP (gross domestic product),” according to the 47-page fiscal report.
https://www.thestar.com/news/queenspark/2017/01/13/ontario-economy-growing-at-26-per-cent.html
