Driven by rises in exports and manufacturing output, Ontario’s economy experienced a slight growth in the third quarter of 2011, according to new stats published by the Ministry of Finance.
The province had a 0.7 percent increase in GDP in the third quarter, marking a rebound from a 0.2 percent decline in the previous quarter.
According to the ministry, manufacturing output increased by 2.2 percent, becoming the primary contributor to the overall growth. The auto industry had the highest increase at 6.4 percent.
Exports also rose by 1.1 percent while imports dropped by 0.6 percent, making external trade another major contributor to the growth.
Slight gains in consumer spending and total investment also played a part in the rebound. There was a 0.2 percent rise in consumer expenditures, and investment in residential construction rose by 5.2 percent.
Non-residential construction investment increased by 0.7 percent. There was very little change in business investment in the quarter.
The current unemployment rate in Ontario stands at 7.7 percent, an improvement from 9.4 percent at the height of the global recession in May 2009.
