Province Balancing the Budget This Year, Helping Families Get Ahead
Today the Ontario government released the 2017-18 First Quarter Finances , which confirm Ontario is on track to balance the budget this year while making investments in the programs and services people and families rely on most.
Key projections from the report include:
- Total revenue of $141.8 billion, up $145 million from the 2017 Budget
- Provincial program expense of $129.6 billion, up $145 million from the 2017 Budget
- Interest on debt expense of $11.6 billion, unchanged from the 2017 Budget forecast
A balanced budget means better health care, including new hospitals and free prescription medications for everyone under 25 through OHIP+: Children and Youth Pharmacare. It means 100,000 more kids will have access to high quality, licensed child care. And it means seniors will benefit from new and improved facilities to stay active and engaged in their communities.
Responsibly managing the province’s finances is part of our plan to create jobs, grow our economy and help people in their everyday lives.
- Ontario’s quarterly finances contain updated information about Ontario’s fiscal outlook for the current fiscal year, including updated information about the major components of the revenues and expenses as set out in the 2017 Budget. As required by the Fiscal Transparency and Accountability Act, the First Quarter Ontario Finances is released on or before August 15.
- Ontario’s real GDP grew one per cent in the first quarter of 2017, outperforming that of Canada, the United States and all other G7 countries.
- Private-sector forecasters project that, on average, Ontario’s real GDP will increase 2.7 per cent in 2017, up from the 2.4 per cent projection at the time of the 2017 Budget.
- Ontario’s net debt-to-GDP ratio for the year is projected to be 37.5 per cent, unchanged from the 2017 Budget forecast.
- The latest data shows that as of July 2017, Ontario’s unemployment rate is 6.1 per cent. The province’s unemployment rate has been below the national average for 28 consecutive months.
“Supporting ongoing economic growth is a top priority for our government. We are encouraged by the influx of many innovative and dynamic businesses that are investing across the province, bringing good jobs, higher wages and greater prosperity to our communities. We will continue to implement our balanced plan to build a healthy and sustainable economy for all of Ontario.”