Last Updated on August 27, 2016
Ontario’s economy is threatening to throw off the growth shackles felt across the major countries of the world, if first-quarter figures are anything to go by.
The Canadian province posted real GDP growth of 0.8 per cent for January to March, putting a 2016 total of 3.2 per cent on the cards.
That significantly beats not only the 2.2 per cent federal projection, but also Canada-wide data, and estimations for the USA and every other G7 nation.
The quarterly performance also thrashes the GDP increases of the last three first quarters (0.2 per cent in 2015, 0.3 per cent in 2014 and 0.4 per cent in 2013).
Provincial Premier Kathleen Wynne puts it down to her government’s economic plan.
“I’m very pleased that Ontario’s economy posted strong growth in the first quarter,” she said.
Export growth of 1.7 per cent and a 1.2 per cent manufacturing boost are some of the figures behind the increase. Ontario’s car industry is benefiting from the Canadian dollar’s weakness against its U.S. counterpart.
Household spending is also up as a clear indication of a growing economy.
Finance Minister Charles Sousa also expects the provincial deficit to be balanced in 2017, despite increased spending on health services.
Wynne’s government is still looking for ways to save money.
She says every department is under pressure to look for ways to increase efficiency to maximise the benefits of every dollar being spent.
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