Economy
Ontario minister Brad Duguid hails province's economy, says there's room for improvement

Just Earth News | @justearthnews | 09 Oct 2017

Ontario minister Brad Duguid hails province's economy, says there's room for improvement
Toronto, Oct 9 (JEN): Ontario is on track to balance the budget this year, and has added 34,700 Jobs in September, media reports said, quoting the 2017-18 First Quarter Finances -- which contained updated information about Ontario's fiscal outlook for the current fiscal year .

Ontario’s real Gross Domestic Product (GDP) growth has outpaced that of all G7 countries (world's seven most powerful industrialised countries i.e.; the United States, Japan, Germany, the United Kingdom, France, Italy and Canada including European Union) over the last three years.

Located in east-central Canada, Ontario is the country's most populous province, accounting for nearly 40 per cent of the national population.

“Ontario has all the elements necessary to thrive in today’s economy — a responsible budget, a highly skilled workforce, a vibrant innovation ecosystem and a streamlined business climate. Our economy continues to perform extremely well — but there is always more work to do. We will continue our efforts to make Ontario’s economy more globally competitive  and create good jobs," Brad Duguid, Minister of Economic Development and Growth. was quoted by the media.

Ontario is creating more opportunities and security for workers -- keeping in mind its plan for fair workplaces and better jobs -- including increase in minimum wage, ensuring hourly wage parity of the part-time workers with full-time workers, introduction of paid sick days for every worker and enforcement of employment laws.

Ontario is focused on supporting job creation and helping people move forward, and saw an increase of employment  by 34,700 in September, the third straight month of job gains.

Consequently, unemployment rate has fallen to 5.6 percent, the lowest level since July 2000.

According to forecast, employment in 2017 is set to increase by 94,000 net new jobs compared to 2016, when Ontario employment increased by 76,400 net new jobs.

As well many economic regions across the province, including Muskoka-Kawarthas (11.1 per cent), Hamilton-Niagara Peninsula (6.3 per cent) and Kitchener-Waterloo-Barrie (6 per cent) -- on a year-over-year basis -- has reported an increase in employment.

Due to an increase of 169,500 in Ontario year-over-year included gains in sectors such as wholesale and retail trade, and manufacturing.

There was an increase in retail sales by 6.8 per cent over the first seven months of 2017 on a year-to-date basis compared to the same period in 2016;  and wholesale trade, on a year-to-date basis, rose 9.1 per cent over the first seven months of 2017 compared to the same period in 2016.

For 30 consecutive months, the province's unemployment rate, continued the report, has been below the national average.

 

Image: Brad Duguid/Facebook