Ontario's Economic Growth Continues to Lead G7 Countries
Thursday, July 13, 2017
First Quarter Results Show Province’s Economic Plan is Working
Ontario's economy continues to show strong growth, as highlighted in the province's newly released Economic Accounts for the first quarter of 2017.
Today, Premier Kathleen Wynne discussed the province's Q1 results prior to her departure to the National Governors Association Summer Meeting in Rhode Island. Ontario's economic growth outpaced all G7 countries from 2014-16 and again in the first quarter of 2017, showing that the province is delivering on its plan to create good jobs and economic growth. Attending the NGA meeting is a key part of the Premier's work to secure Ontario's relationships with the U.S., protect the province's economic gains and build momentum.
To strengthen the trading relationships that fuel growth and job creation on both sides of the border, Premier Wynne will continue to connect with U.S. governors to discuss partnership opportunities and reinforce the importance of free trade and open borders to our shared economic growth.
Ontario's real GDP grew one per cent in the first quarter of 2017, outperforming Canada, the U.S. and all other G7 countries. This builds on a 0.5 per cent boost to real GDP posted in the fourth quarter of 2016.
Increased business investment and consumer spending were the primary drivers behind the overall GDP increase. Business investment grew 5.5 per cent, with residential construction rising by nearly eight per cent. Consumer spending increased by one per cent, while household disposable income rose by 0.5 per cent.
Supporting sustainable economic growth and standing up for workers and businesses is part of Ontario's plan to create jobs, grow our economy and help people in their everyday lives.
" As Premier, I am focused on making sure every worker and their family can find new opportunities and earn a fair wage. 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. We are taking steps to make life more affordable, secure and fair for everyone in Ontario. I am committed to standing up for the interests of our workers and businesses as we face a critical moment in our trading relationships with U.S. partners."
- Kathleen Wynne
Premier of Ontario
" Supporting ongoing economic growth is a top priority for our government. 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."
- Charles Sousa
Minister of Finance
- Ontario’s real GDP is up 14.6 per cent from the pre-recession peak and up 20.3 per cent since the recessionary low.
- As of June 2017, Ontario’s unemployment rate is 6.4 per cent. The province’s unemployment rate has been below the national average for 27 consecutive months.
- Ontario has recovered all of the jobs lost during the recession and employment is now 6.5 per cent, or 430,700 jobs, above the pre-recession peak.
- The province balanced the budget this year and will maintain a balanced budget for the next two years.