Ontario Releases 2023-24 First Quarter Finances

The government continues to be transparent by providing updates on the province’s fiscal and economic situation every 90 days.

The 2023-24 First Quarter Finances provides the first update on Ontario’s economic and fiscal outlook since the 2023 Budget for the 2023-24 fiscal year.

Overall, this report demonstrates the government’s plan is working, as Ontario’s economy has been resilient through heightened economic and geopolitical uncertainties.

Ontario’s real gross domestic product (GDP) increased by 1.0 per cent in the first calendar quarter of 2023, following a 0.2 per cent decline in the fourth quarter of 2022.

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 Budget.

The people of Ontario can have confidence that the government is making responsible decisions to build Ontario by supporting people and businesses today while laying a strong fiscal foundation for future generations.

As Ontario’s population grows, the government will continue with its plan to build critical infrastructure and the economy, train and recruit skilled workers and provide people with the services they need.

Learn more: https://news.ontario.ca/en/release/1003373/ontario-releases-2023-24-first-quarter-finances