Ontario economy keeping pace with Canada, GDP up 0.3 per cent in third quarter
Posted January 11, 2011 2:22 pm.
This article is more than 5 years old.
TORONTO _ Ontario’s economy continued to grow last summer as real gross domestic product rose 0.3 per cent, matching growth in the national economy.
The Ministry of Finance says growth during the July to September period was led by business investment and gains in consumer spending.
It says spending rose 0.6 per cent as consumers increased their purchases of motor vehicles and parts, clothing and footwear, natural gas and food and non-alcoholic beverages.
Business investment spending on plant and machinery increased 8.7 per cent after rising 5.5 per cent in the previous quarter.
Investment in machinery and equipment jumped 10.1 per cent, which the government says reflects the “positive impact” of the harmonized sales tax and other tax cuts.
Finance Minister Dwight Duncan says the three-month period marked the fifth straight quarter of economic growth.
Officials say Ontario’s real gross domestic product has increased 3.6 per cent since the recession.
