Ontario’s deficit projection is shrinking in its fall fiscal update tabled on Thursday.
Minister of Finance Peter Bethlenfalvy released the 2025 Ontario Economic Outlook and Fiscal Review: A Plan to Protect Ontario, which supports the government’s plan to protect Ontario by building a more competitive, resilient and self-reliant economy by cutting red tape, investing in infrastructure, supporting workers, improving services and making life more affordable.
The province now expects to end the year $13.5-billion in the red after it projected a 14.6-billion-dollar deficit in its spring budget.
However, impact expectations for real G-D-P growth to 0.8 and 0.9 per cent this year and next — down from last year’s 1.8 per cent.
The average unemployment rate is also expected to rise by nearly a full percentage point to 7.8 per cent this year.
“With tariffs taking direct aim at Ontario workers and communities, it has never been more important for the government to deliver on its plan to protect Ontario. We continue to make historic investments in highways, transit, health care and all the other services our communities rely on, so we can build for our growing province. We are doing this all while keeping costs down for families and helping to unleash Ontario’s full economic potential,” stated Bethlenfalvy.
Bay of Quinte MPP Tyler Allsopp said following the statement’s release that it affirms the provincial government’s commitment to preserve jobs and prosperity in Bay of Quinte and across the province amid uncertain economic times.
“Its measures serve to attract investment, train and protect workers, increase healthcare supports, and build critical infrastructure in our communities,” Allsopp stated,
“I’m pleased to see our plan will advance these key priorities while delivering prudent, responsible fiscal management.”
More on the budget can be seen at this link.
With files from Canadian Press
(BROCK ORMOND)
