Ontario Economy Grows For Third Consecutive Quarter
McGuinty Government Stimulus Investments Continue to Drive Economy
Figures released today by the Ontario government show that the province experienced continued strong growth in the first calendar quarter of 2010, as real Gross Domestic Product (GDP) grew at an annualized rate of 6.2 per cent. This is the third consecutive quarter of growth in Ontario.
Economic growth in the quarter was broadly based, with exports, consumer spending, housing construction, business investment and government all providing support. Notable gains across industries include manufacturing, construction and wholesale trade
A key component of the five-year Open Ontario plan, the Ontario government has also taken the initiative to make Ontario more competitive by lowering income taxes for individuals and businesses, and moving to a Harmonized Sales Tax (HST). This will lead to increased business investment and help create nearly 600,000 net new jobs across Ontario, over the next 10 years.
- Since May 2009, Ontario employment has increased by 160,200 net new jobs or 2.5 per cent.
- Retail sales have posted strong gains, increasing 9.7 per cent to $12.9 billion, recovering all of the decline that occurred during the recession.
- Manufacturing sales are up $3.4 billion (20.2 per cent) since May 2009; and
- International merchandise exports are up $2 billion (21.1 per cent) since May 2009.
“Today's economic figures are good news for Ontario. We are mindful that the global economy is still facing a number of challenges. Our plan and its policies remain the right approach for Ontario in today's economic environment.”