Deficit Elimination Critical For Job Creation And Economic Growth

The McGuinty government remains focused on jobs and the economy. ┬áDespite uncertainty around the world, Ontario’s real Gross Domestic Product (GDP) rose 0.7 per cent (2.7 per cent annualized) in the third quarter (July to September 2011).

Provincial GDP has now increased 5.8 per cent over the past nine quarters, putting it one per cent above its pre-recession level. Growth in the third quarter was driven by increases in exports and Ontario’s manufacturing output. Modest gains in total investment and consumer spending also contributed.

As of December 2011, employment was 42,300 jobs above the pre-recession peak in September 2008. Ontario’s employment has increased by 299,100 net jobs from the recessionary low in May 2009, with full-time employment up by 268,000 net jobs.

The McGuinty government’s plan to make Ontario more competitive and create the right climate for job creation is working. The plan — including Ontario’s Tax Plan for Jobs and Growth — helped stabilize the province’s economy by lowering income taxes for families and businesses and introducing tax changes — including the HST — to help ensure Ontario’s future prosperity.

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