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Alarming Export Decline Hurting Ontario’s Economic Growth: Fedeli

“This is especially concerning given the red tape and skyrocketing hydro rates this government has implemented in Ontario."
export shutterstock_230398096 2016

The Ministry of Finance’s latest Economic Accounts indicated a significant decline in the province’s exports, and signals that Wynne government policies are having a negative impact on our economic growth, Ontario PC Finance Critic and Nipissing MPP Vic Fedeli said today in a news release.

"Ontario’s Economic Accounts for the second quarter of 2016 noted that the province’s exports declined by 3.3 per cent. This was largely led by a significant decline in the export of international goods, including motor vehicles and consumer goods.

“This is especially concerning given the red tape and skyrocketing hydro rates this government has implemented in Ontario,” said Fedeli.  “Under this Liberal Government we’ve seen over 350,000 good paying manufacturing jobs leave the province.”

“Clearly this government is not creating the right environment for job creation and investment in Ontario, and a new direction is needed to rectify this,” Fedeli added.

The Ministry’s latest numbers are far below the government’s previous projections of annual economic growth of 2.2 per cent. The Financial Accountability Officer has noted that each percentage point decline in economic growth is estimated to lower the province’s total revenue by $885 million.