ONTARIO NEWS RELEASE: Ontario Releases 2023-24 First Quarter Finances

Mississauga Board of Trade
Mississauga Board of Trade

Published

August 15, 2023

Subscribe

Updates on new members, upcoming events, and the latest news.

"*" indicates required fields

NEWS RELEASE

Ontario Releases 2023-24 First Quarter Finances

Fiscal update shows government’s plan is working

August 14, 2023

Finance

 

Toronto

Today, the Ontario government released the 2023-24 First Quarter Finances, the first update on the province’s economic and fiscal outlook since the 2023 BudgetBuilding a Strong Ontario.

Overall, this update demonstrates the government’s plan is working, as Ontario’s economy has remained resilient through heightened economic and geopolitical uncertainties. Despite the resiliency of Ontario’s economy so far in 2023, the province is not immune to any potential economic slowdown.

“The First Quarter Finances report shows that our government’s targeted, responsible approach is the right plan to build and support growing communities across Ontario,” said Peter Bethlenfalvy, Minister of Finance. “The people of Ontario can have confidence that this government is making responsible decisions to deliver on our Plan to Build by supporting people and businesses today while laying a strong fiscal foundation for future generations.”

Today’s report provides updated information about Ontario’s economic and fiscal outlook primarily as of June 30, 2023, and since the 2023 Ontario Budget for the 2023–24 fiscal year.

In the first calendar quarter of 2023, Ontario’s real gross domestic product (GDP) increased by 1.0 per cent, supported by growth in exports and household spending. This follows a slight decline of 0.2 per cent in the fourth quarter of 2022. As of the first quarter, Ontario’s real GDP stood 4.9 per cent higher than the pre-pandemic level in the final quarter of 2019. Since the 2023 Ontario Budget, private-sector forecasters have raised their GDP projections for 2023, reflecting better-than-expected economic performance so far this year. Expectations for GDP growth however have declined for 2024, due to the impact of Bank of Canada’s rapid policy interest rate increases — the fastest rise in the key policy interest rate since 1981 — and continued economic uncertainty.

As of the 2023–24 First Quarter Finances, the province’s 2023–24 deficit is projected to be $1.3 billion — unchanged from the outlook published in the 2023 Ontario Budget. Revenues in 2023–24 are projected to be $204.4 billion, and expenses are projected to be $204.7 billion, largely unchanged from the budget projectionsNew investments, funded from existing contingencies, include supports for Ontario’s manufacturing sector, policing and anti-crime initiatives, and municipal infrastructure.

“Ontario’s population is growing, jobs are being created and we are attracting investments in communities across the province,” added Minister Bethlenfalvy. “To support these growing communities, our government will continue with its plan to build critical infrastructure, train and recruit skilled workers and provide people with the services they need.”

 

Quick facts

  • Following the 2023 Ontario Budget, Standard & Poor’s, Moody’s and DBRS Morningstar have all placed Ontario’s credit ratings on positive outlook, while Fitch confirmed Ontario’s credit rating with a stable outlook.
  • Overall program expenses in 2023–24 are projected to be $190.6 billion, largely unchanged from the outlook presented in the 2023 Ontario Budget. New commitments announced since the release of the 2023 Ontario Budget are primarily funded through existing contingencies within the fiscal plan.
  • The government plans to provide its next economic and fiscal update as part the 2023 Ontario Economic Outlook and Fiscal Review by November 15, 2023.

Additional Resources

Media Contacts

Emily Hogeveen
Minister’s Office
647-294-6166
Emily.Hogeveen@ontario.ca

Scott Blodgett
Communications Branch
416-728-9791
Scott.Blodgett@ontario.ca

Scroll to Top