­­­­The Ontario government has released its 2019-20 third quarter fiscal report, which is the first report since the 2019 Fall Economic Statement. The next provincial fiscal update will be the 2020 Ontario Budget, which will occur on or before March 31^st, 2020.

Highlights of the report include:

• Ontario’s economy grew in the third quarter of 2019 largely due to higher consumer spending, investment in residential structures and stronger exports

  • Real GDP grew by 0.6% and a gain of 0.8% in the second quarter

• Program expenses are projected to increase by $2.5 billion more than initially projected in the 2019 Ontario budget

• A projected increase of $3.1 billion in revenue due to job growth, rising household incomes, and strengthening home resales

For more information, please see below:

Ontario Newsroom: Ontario Maintains Commitment to Balanced Budget

AMCTO: Ontario Releases 2019 Fall Economic Statement

AMCTO: 2019 Provincial Budget Update