Thursday, February 16, 2006
A Robust Economy
Ontario Facts - Overview: "A Robust Economy
Ontario's 12.4 million people make it Canada's most populous and dynamic province. Its share of Canada's GDP for 2004 was 40 per cent and it is Canada's leading manufacturing province accounting for 52 per cent of the total national manufacturing shipments in 2004.
The Ontario economy will grow moderately in 2005 with real gross domestic product (GDP) increasing by 2 per cent, reflecting the appreciation of the Canadian dollar, high oil prices and an easing in the pace of economic growth in the U.S. economy. These factors are expected to restrain employment gain in 2005.
The prospects for Ontario's economic growth are brighter over the longer term with real output forecast to rise by 2.8 per cent in 2006 and 3.4 per cent over the period 2006 to 2008. This growth will foster strong job creation and rising incomes.
Ontario has a diverse and well-balanced economy with high concentrations of manufacturing and financial and business services. There has been a marked shift towards export-oriented, higher value-added industries.
Employment in Ontario stood at 6,316,000 in 2004, with 108,000 jobs created. Jobs are expected to rise by 65,000 in 2005 and 118,000 in 2006.
Inflation in Ontario was 1.9 per cent in 2004, and is forecast to average 2.1 per cent in 2005, and 1.9 per cent in 2006.
Ontarians, in most years, can expect the province to be one of the fastest-growing regions in the advanced industrial world. Ontario benefits from a growing labour force, which is attracted and sustained by a high quality of life and equipped with the education, skills and initiative needed to compete in today's knowledge-based market place. Centrally located within North America and offering a hospitable business climate, Ontario is a prime location for investment.
Ontario's 12.4 million people make it Canada's most populous and dynamic province. Its share of Canada's GDP for 2004 was 40 per cent and it is Canada's leading manufacturing province accounting for 52 per cent of the total national manufacturing shipments in 2004.
The Ontario economy will grow moderately in 2005 with real gross domestic product (GDP) increasing by 2 per cent, reflecting the appreciation of the Canadian dollar, high oil prices and an easing in the pace of economic growth in the U.S. economy. These factors are expected to restrain employment gain in 2005.
The prospects for Ontario's economic growth are brighter over the longer term with real output forecast to rise by 2.8 per cent in 2006 and 3.4 per cent over the period 2006 to 2008. This growth will foster strong job creation and rising incomes.
Ontario has a diverse and well-balanced economy with high concentrations of manufacturing and financial and business services. There has been a marked shift towards export-oriented, higher value-added industries.
Employment in Ontario stood at 6,316,000 in 2004, with 108,000 jobs created. Jobs are expected to rise by 65,000 in 2005 and 118,000 in 2006.
Inflation in Ontario was 1.9 per cent in 2004, and is forecast to average 2.1 per cent in 2005, and 1.9 per cent in 2006.
Ontarians, in most years, can expect the province to be one of the fastest-growing regions in the advanced industrial world. Ontario benefits from a growing labour force, which is attracted and sustained by a high quality of life and equipped with the education, skills and initiative needed to compete in today's knowledge-based market place. Centrally located within North America and offering a hospitable business climate, Ontario is a prime location for investment.
