Ontario Economy Continues to Grow in Third Quarter of 2016
Ontario released the Economic Accounts for the third quarter of 2016 today, confirming the province’s economy is growing at a steady pace.
The province’s real GDP grew 0.7 per cent from July to September of 2016, slightly stronger than the average of all G7 countries. Over the first three quarters of 2016, Ontario’s real GDP growth has outpaced that of Canada’s and all other G7 countries.
“Ontario’s strength is our diverse economy. The province remains a growth leader in Canada and amongst G7 countries. But there is still more work to do. We will keep moving forward with our plan to support an innovative and dynamic business environment and to ensure more communities across the province benefit from Ontario’s growth.” — Charles Sousa, Minister of Finance
Higher exports were the primary driver behind Ontario’s third quarter gain. Continued growth in household spending and residential construction investment also contributed to the overall increase in real GDP. Household disposable income increased while the household savings rate also improved.
Ontario’s real GDP has increased 12.8 per cent from the pre-recession level and is now up 18.4 per cent since the end of the recession.
Supporting inclusive growth that works for all is part of Ontario’s plan to create jobs, grow our economy and help people in their everyday lives.
- Ontario’s unemployment rate was 6.4 per cent in December, below the national average for the 20th consecutive month.
- Employment growth in Ontario accelerated in 2016, increasing by over 76,000. Since the recessionary low, 669,100 jobs have been created.
- The average projection for Ontario among private-sector forecasters is for real GDP growth of 2.6 per cent in 2016.