Ontario Economy Continues to Grow
New Government’s Plan for Jobs and Growth is Working
Ontario's Economic Accounts for the first quarter of 2013 were released today, showing that the province's economy continues to recover from the recession. Ontario's economy grew at a 1.0 per cent annualized rate in the first quarter, up from a 0.6 per cent rate in Q4 of 2012.
Real GDP has increased 8.3 per cent since the end of the recession and is now 2.7 per cent above its pre-recession level.
Household spending and increased business inventories were the main contributors to real GDP growth in the first quarter.
Providing the right climate to attract investment, create jobs and grow the economy is part of the Ontario government's plan to build a prosperous and fair province for everyone.
- The Q1 results are consistent with the 2013 Budget forecast.
- From the recessionary low in June 2009, employment has increased by 444,300 net new jobs and the current level of employment in Ontario is 178,500 or 2.7 per cent above the pre-recession level.
- Ontario’s unemployment rate has declined to 7.5 per cent — compared to 9.4 per cent at the height of the global recession.
- Since December 2008, retail sales have increased by 16.5 per cent and are now 6.1 per cent above the pre-recession level of July 2008.
- Private-sector forecasters expect continued economic growth. The average among private-sector forecasters is for real GDP growth of 1.5 per cent in 2013 and 2.3 per cent in 2014.
“Ontario’s strong economic fundamentals as well as government actions are helping Ontario’s economy continue to recover from the global recession.”