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Highlights from 2012 Fall Economic Statement

Ontario Chamber Report: Ontario’s Minister of Finance released the Fall Economic Statement on October 15th. Minister Duncan noted that while Ontario’s economy is growing modestly, a prudent approach to spending will continue to guide the government going forward. Compensation restraint and job protection are key measures the government will pursue to eliminate the deficit on schedule. Economic projections for 2013 and 2014 have been tempered, thanks to slower U.S. and global economic growth projections.

Highlights:

*    The projected deficit for 2012-13 is $14.4 billion, down $400 million from the

2012 Budget forecast.

*    The deficit is set to be eliminated by 2017-18, as previously forecast.

*    Ontario’s debt is now $272 billion, up from $257.5 billion last spring.

*    Ontario’s economy will continue to grow at a moderate pace.

For more information, visit www.occ.on.ca.