Friday, July 18, 2014

Ontario Finance Ministry Budget Projections of GDP Growth, 2013 Versus 2014

The actual numbers for GDP growth for 2012 and 2013 for Ontario were both 1.3% (2011's seems to be 2.2% from the 2014 budget document). To preserve what the Ontario Ministry of Finance thought about future GDP growth in the 2013 budget:

2013 1.5%
2014 2.3%
2015 2.4%
2016 2.4%.

We now know that it was actually 1.3% in 2013. What are the predictions in the 2014 budget document?

2014 2.1%
2015 2.5%
2016 2.5%
2017 2.6%

So the 2014 projection was lowered by 0.2% while the next two years had theirs raised 0.1% each, almost like the finance ministry was trying to balance things out. 

The first quarter GDP growth number comes out in August some time for Ontario. Considering that Canada overall was mediocre and Quebec was high and the US low (-2.9%) Ontario's should at least be interesting. Ontario's overall 2014 number should be interesting as well, as even the lowered 2.1% might not be possible. 2015 should be interesting too. If 2014 is weak, why should Ontario expect 2015 would be 2.5%

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