The latest look at Ontario’s economic health shows things remaining mostly the same, as the provincial Financial Accountability Office’s (FAO) report for the third fiscal quarter shows little change after a 0.6 per cent drop in real Gross Domestic Product in Q2.
This means that Ontario may not be in a recession, for now, as it may have avoided two straight quarters of negative real GDP growth.
“Based on what we’re seeing right now, our forecast would be slightly positive, so we may avoid that technical recession,” Jeffrey Novak, the Financial Accountability Officer of Ontario told reporters at Queen’s Park Wednesday. “I think the point of the report is we’re in a period of weak economic growth for all the obvious reasons.”