Ontario's Economy Continues to Grow
McGuinty Government's Open Ontario Plan Helping Families and Businesses
Ontario released figures that show the province's real Gross Domestic Product (GDP) grew at an annualized rate of 2.4 per cent in the second calendar quarter of 2010.
The province has now experienced four consecutive quarters of economic growth. While all major economic indicators have improved, the pace has slowed in recent months. Risks still exist concerning the strength and sustainability of the global economic recovery, and like all governments around the world, Ontario is not immune from global economic forces.
As part of the Open Ontario Plan, the government is making Ontario more competitive by lowering income taxes for families, individuals and businesses to help ensure that the province continues to attract new investment and new jobs.
- Ontario's real GDP has increased 4.1 per cent over the past four quarters and is now only 0.4 per cent below its pre-recession level.
- Ontario businesses increased inventories by $4.6 billion in the second calendar quarter, an increase from first quarter's $300 million accumulation.
- Since May 2009, Ontario employment has increased by 211,800 net new jobs or 3.3 per cent. The current level of employment in Ontario is just 0.6 per cent below the pre-recession peak.
- Since December 2008, retail sales have increased by almost nine per cent and are now just one per cent below the pre-recession peak.
“An economic recovery is underway in Ontario, but while the outlook for 2010 has improved, the pace of global economic growth is slowing. Our plan and its policies remain the right approach for Ontario in today's economic environment. I will provide an updated economic forecast in the Fall Economic Statement.”