Ontario's quarterly fiscal update shows the provincial economy has rebounded following a sluggish end to 2022. Finance Minister Peter Bethlenfalvy announced Ontario's GDP increased by one per cent over the first three months of the year, bouncing back from a 0.2 per cent decline over the last quarter of 2022.
"Ontario continues to face heightened economic uncertainties," Bethlenfalvy said on Monday. "In spite of these ongoing uncertainness and risks, Ontario's economy and people have remained resilient."
According to Bethlenfalvy, the GDP growth can largely be attributed to "higher exports and increased household spending." The provincial GDP now rests at 4.9 per cent above the fourth quarter of 2019, which was the last period undisturbed by the economic impact of the COVID-19 pandemic.