TORONTO—First quarter results for 2016 show the Ontario economy growing at an annualized rate of three per cent, the highest in Canada and all G7 countries.
Premier Kathleen Wynne says the province’s real gross domestic product grew by 0.8 per cent in January to March, following similar growth in the fourth quarter of 2015.
Wynne says the first quarter gains were driven by higher exports and household spending, and predicts Ontario’s economy will remain one of the fastest growing in Canada over the next two years.
She also says the Liberal government is confident the growing economy will allow it to eliminate a $5.7-billion deficit next year as promised.
The premier says she’s very encouraged by the momentum of Ontario’s growth, especially with so many uncertainties in the global economy.
Wynne says stronger than expected economic growth means more jobs, and points out Ontario’s unemployment rate fell to 6.4 per cent in June, the lowest since 2008.