Monday, July 16, 2012

FW: Ontario's Economy Continues To Grow And Create Jobs

 

 

Monty Bannerman

ArcStar Energy

646.402.5076

www.arcstarenergy.com

From: Ontario News [mailto:newsroom@ontario.ca]
Sent: Monday, July 16, 2012 10:18 AM
To: mbannerman@arcstarenergy.com
Subject: Ontario's Economy Continues To Grow And Create Jobs

 

Ontario's Economy Continues To Grow And Create Jobs

July 16, 2012

McGuinty Government Building Climate To Support Job Creation And Growth

Ontario's economy continues to grow amid ongoing global economic uncertainty, as real Gross Domestic Product (GDP) rose 0.6 per cent (2.2 per cent annualized) in the first quarter of 2012, marking three straight quarterly increases.

Provincial GDP has now increased 7.5 per cent over the past 11 quarters since the end of the recession (second quarter of 2009), putting it 2.6 per cent above its pre-recession level set in the second quarter of 2008.

Growth in the quarter was driven by household spending and business investment. Ontario's manufacturing sector output continued to grow as well, with the auto industry, machinery and manufacturing, and chemical and petroleum production all posting solid gains.

QUOTES

"Ontario's economy continues to grow despite economic uncertainty. This is evidence that our plan is working and the province is well-positioned to face challenges both at home and abroad. By choosing to take strong action, outlined in the 2012 Budget, we will continue to protect the gains we have made in education and health care, while transforming public services and eliminating the deficit by 2017-18."

 – Dwight Duncan
Minister of Finance

QUICK FACTS

  • Employment has increased by 339,200 net new jobs since the recessionary low in June 2009 and the current level of employment in Ontario is 73,400 or 1.1 per cent above the pre-recession peak in September 2008.
  • Ontario's unemployment rate has declined to 7.7 per cent - compared to 9.4 per cent at the height of the global recession in May 2009.
  • Consumer spending advanced 0.6 per cent, the strongest growth in five quarters.
  • Business investment in plant and equipment increased 1.0 per cent, after declining in the final quarter of 2011.
  • Housing investment continued its upward trend, rising 3.0 per cent and is up 15 per cent since the end of 2010.
  • Ontario's real GDP growth was slightly above both Canadian real GDP growth of 0.5 per cent (1.9 per cent annualized) and U.S. real GDP growth of 0.5 per cent (1.9 per cent annualized) in the first quarter.
  • Ontario's economy grew 2.1 per cent in 2011 - revised up from the 1.8 per cent originally estimated earlier this year.

CONTACTS



Ministry of Finance
ontario.ca/finance

 

Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)