Ontario GDP dips 0.3 per cent

Written by: CP - Press release
Ontario's gross domestic product fell 0.3 per cent in the second quarter, and officials are blaming a weakened U.S. economy and an auto parts shortage caused by the tsunami in Japan.
 
It was the first drop in GDP after seven consecutive gains, but Finance Minister Dwight Duncan is confident figures will show Ontario returning to positive growth in the third quarter.
 
Business investment on plant and machinery jumped 4.9 per cent, which the Liberals credit to their tax policies, including the HST which lowered input costs for businesses.
 
Consumer expenditures increased slightly for the ninth consecutive quarter as people bought more auto parts, furniture, appliances and other durable goods.
 
Spending on new housing construction increased 2.8 per cent, while renovations increased 4.6 per cent.
 
Output from Ontario's manufacturing sector decreased by 2.3 per cent in the second quarter, while auto production dropped 8.4 per cent because of supply problems caused by the tsunami in Japan.


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