Ontario's economic growth continues to lead G7 countries

Jul 13 2017, 4:34 pm

Ontario’s economic growth continues to lead G7 countries.

The province said it is delivering on its plan to create good jobs and economic growth, as the first quarter’s economic results showed a 1% growth.

Ontario’s real GDP outperformed the rest of Canada, U.S. and all other G7 countries.

This builds on a 0.5% boost to real GDP in the fourth quarter of 2016.

As of June 2017, the province’s unemployment rate is at 6.4% and has been below the national average for 27 consecutive months.

Premier Kathleen Wynne said that Ontario’s economic growth shows that her government’s plan is working.

“As Premier, I am focused on making sure every worker and their family can find new opportunities and earn a fair wage,” Wynne said in a statement. “As Ontario’s first quarter results show, our plan is working— yet we can do more to make sure everyone in the province feels included in this prosperity.”

Increased investment and business spending were the main causes of the GDP increase.

Business investment grew 5.5%, consumer spending was up by 1%, and household disposable income rose by 0.5 per cent.

“Supporting ongoing economic growth is a top priority for our government,” said Minister of Finance Charles Sousa. “We are encouraged by the growing number of many innovative and dynamic businesses investing across the province that bring good jobs to more people, provide higher wages and greater prosperity. We will continue to implement our balanced plan to build a healthy and sustainable economy for all of Ontario.”

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