Ontario's 4th Quarter 2011 GDP Growth 0.5%

The initial estimates of the fourth quarter of 2011 GDP growth for Ontario are out and are a mediocre 0.5%. From the same article Ontario grew only 1.8% for 2011 versus 2.5% for Canada as a whole.

Doing a back of the envelope calculation, where I assume that the GDP for Canada and Ontario is approximately the same and Ontario's population being 38.5% of Canada's, that means the rest of Canada grew around 2.9% in terms of GDP.

Not great numbers for Ontario and that has to hurt government revenues. Hopefully the number for the first quarter of 2012 will be better.