MPP Pat Hoy says its more good economic news, as Ontario’s economy continues to grow with real gross domestic product (GDP) rising at an annualized rate of 1.0 percent in the third quarter of 2010 – the fifth consecutive quarter of growth.
“Ontario’s economy has grown 3.6 percent since turning the corner on the recession,” said Hoy. “This quarter’s growth was led by business investment and continued gains in consumer spending.”
“Business spending on machinery and equipment increased more than 10 per cent. This reflects the positive impact of the HST that, combined with other tax relief, cuts taxes on new business investment in half. Ontario’s tax changes are aimed at making Ontario more competitive and encouraging new business investments,” said Hoy.
He said additional changes include:
° Reducing overall business taxes by 28 per cent over 3 years
°Reducing small business income taxes by 18 per cent; and
°Eliminating the small business deduction surtax entirely.
°Five straight quarters of economic growth is a good sign, and we will keep working to strengthen the economy and encourage job creation. Our Open Ontario plan is working – businesses are investing in Ontario, we have recovered virtually all the jobs lost in the recession and economic growth is gaining momentum,” said Finance Minister Dwight Duncan.
° Real consumer spending, which contributes more than 60 per cent to real GDP, increased 0.6 per cent in the third quarter, marking the sixth consecutive quarterly gain.
Ontario has regained 96 percent of jobs lost during the recession. In 2010, Ontario’s economy generated 119,700 net new jobs with almost 85 percent of them being full-time employment.
Capital spending by Ontario businesses increased 8.7 per cent, the strongest quarterly gain since the fourth quarter of 1998.
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