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Ontario economy exceeds expectations

TORONTO, Ont. – Dalton McGuinty’s provincial government proudly announced that Ontario’s economy strongly outperformed expectations in the fourth quarter of 2010 under their leadership.

The province experienced a 0.9 per cent jump in Gross Domestic Product, which measures the market value of all goods and services produced.

Finance Minister Dwight Duncan said Ontario’s GDP, which grew at an annualized rate of 3.8 per cent in 2010, outperformed both Canada and the United States.

“Six quarters in a row of growth, and we’re very pleased with the results,” Duncan said.

Duncan said there was strong growth in exports, despite the rising dollar, and gains in business investment and consumer spending.

However, the Progressive Conservatives say things aren’t as rosy as Duncan claims, noting unemployment in Ontario has lagged behind the national average for more than four years.

And the New Democrats say many of the jobs created since the recession are either part-time or pay less than the jobs lost during the downturn.

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