ONLINE STORE | CALENDAR OF EVENTS | CONTRACT INQUIRY | CONTACT US

Blog

Ontario Economic Monitor: Jan-June 2024

Ontario Releases 2024–25 First Quarter Finances

The Ontario government has released the 2024-25 First Quarter Finances, showing that the province's fiscal outlook remains stable despite global economic challenges with a 0.7% increase in Ontario's real GDP for the first quarter of 2024.

 

Peter Bethlenfalvy, Ontario's Minister of Finance, noted that the government is making historic investments to build key infrastructure such as Highway 413, the Bradford Bypass, and other major new highway interchanges while creating jobs and promising not to increase taxes.

Quick Facts:

  • Interest on debt expense is projected to be $13.9 billion, unchanged from the forecast in the 2024 Budget. Ontario's forecast cost of borrowing has remained at 4.0 per cent.
  • Distinct from the Contingency Fund, the 2024 Ontario Budget included a $1.0 billion reserve in 2024–25, to protect the fiscal outlook against any unforeseen changes in the province's revenue and expense forecasts. The $1.0 billion reserve has been maintained as part of the current fiscal outlook
  • Ontario has a double-A credit rating with three of the four credit rating agencies. In June, Morningstar DBRS upgraded Ontario's credit rating, the first credit rating upgrade since 2006.
  • Ontario has issued 16 Green Bonds totalling $19.25 billion since 2014–15, with $17.2 billion outstanding. Green Bonds remain a core component of Ontario's borrowing program, and the province remains the largest issuer of Canadian dollar Green Bonds.
  • The government will provide its next financial update as part of the 2024 Ontario Economic Outlook and Fiscal Review, also referred to as the Fall Economic Statement, on or before November 15, 2024.

Categories

Contributors

Categories

Contributors