US EditionOntario deficit shrinks by $1 billion as trade war chips away at economic outlook
- On Thursday, Finance Minister Peter Bethlenfalvy announced at Queen's Park that Ontario projects a slightly smaller deficit of $13.5 billion for this year.
- Higher-than-Expected revenue of $223.1 billion, $3.2 billion more than forecast, helped reduce Ontario's deficit, while officials say U.S. tariffs and the trade war challenge the global economy.
- Targeted business funds include a $100 million injection into the Ontario Together Trade Fund, raising its total to $150 million, while May's spring budget allocated billions for roads, bridges and transit.
- Growth and labour figures indicate real GDP growth will fall to 0.8 per cent this year from 1.4 per cent, with about 70,000 new jobs and 64,300 housing starts.
- Ontario projects debt reaching $501 billion by 2027-28, with a fiscal update due by Nov. 15, as officials warn planning was complicated by short timelines.
28 Articles
28 Articles
Ontario deficit shrinks by $1 billion as trade war chips away at economic outlook
Ontario’s PC government is projecting a slightly smaller deficit of $13.5 billion as it moves forward with its plan to spend billions of dollars to bolster Ontario’s economy in the face of U.S. tariffs.
Bowen Island Undercurrent
Western InvestorOntario eyes challenging labour market amid tariffs, lower population growth
TORONTO — Ontario's deficit projection is shrinking in its fall fiscal update, but so are the province's expectations for the labour market as U.S. tariffs are expected to continue hitting the economy.
Ontario, hit by US tariffs, cuts deficit forecast and pledges support for businesses
Ontario, whose manufacturing-linked economy has been badly hurt by trade uncertainty, forecast a slightly narrower fiscal deficit than previously expected and said it would increase support for first-time home buyers, a fiscal update showed on Thursday.
No tax cut or cheque for Ontarians in the economic statement presented by Doug Ford's government on Thursday, despite economic uncertainty.
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