#BradDuguid, #FirstQuarterFinances, #GrossDomesticProduct
Toronto, Oct 8 (Canadian-Media): Ontario is on track to balance the budget this year, according to the 2017-18 First Quarter Finances -- which reportedly contain updated information about Ontario's fiscal outlook for the current fiscal year --and has added 34,700 Jobs in September, with Ontario’s real Gross Domestic Product (GDP) growth outpacing that of all G7 countries (world's seven most powerful industrialised countries i.e.; the United States, Japan, Germany, the United Kingdom, France, Italy and Canada including European Union) over the last three years, media reports said.
“Ontario has all the elements necessary to thrive in today’s economy — a responsible budget, a highly skilled workforce, a vibrant innovation ecosystem and a streamlined business climate. Our economy continues to perform extremely well — but there is always more work to do. We will continue our efforts to make Ontario’s economy more globally competitive and create good jobs", Brad Duguid, Minister of Economic Development and Growth was quoted by the media.
Brad Duguid: Facebook
With its plan for fair workplaces and better Jobs, Ontario is reportedly creating more opportunities and security for workers including increase in minimum wage, ensuring hourly wage parity of the part-time workers with full-time workers, introduction of paid sick days for every worker and enforcement of employment laws.
With Ontario's focus on supporting job creation and helping people move forward, there had reportedly been an increase of employment by 34,700 in September, the third straight month of job gains, and the consequent lowering of the unemployment rate falling to 5.6 percent, the lowest level since July 2000.
Employment in 2017 is forecast to increase by 94,000 net new jobs. In 2016, Ontario employment increased by 76,400 net new jobs.
As well employment reportedly has increased in many economic regions across the province -- on a year-over-year basis -- including Muskoka-Kawarthas (11.1 percent), Hamilton-Niagara Peninsula (6.3 percent) and Kitchener-Waterloo-Barrie (6.0 percent).
The employment increase in Ontario of 169,500 year-over-year included gains in sectors such as wholesale and retail trade, and manufacturing.
On a year-to-date basis, there was an increase in retail sales by 6.8 percent over the first seven months of 2017, compared to the same period in 2016; and wholesale trade, on a year-to-date basis, rose 9.1 percent over the first seven months of 2017, compared to the same period in 2016.
The province's unemployment rate, continued the report, has been below the national average for 30 consecutive months.
(Reporting by Asha Bajaj)