February 16, 2023
Today, the government released the 2022-23 Third Quarter Finances. Overall, the report shows that despite global geopolitical conflict, high inflation, rising interest rates and ongoing supply chain challenges, Ontario’s economy continues to be resilient, with real gross domestic product (GDP) estimated to have increased by 3.7 per cent in calendar year 2022.
The 2022-23 Third Quarter Finances show the government is projecting a deficit of $6.5 billion in 2022-23, an improvement of $6.4 billion compared to the Province’s last published fiscal update.
Revenues in 2022–23 are projected to be $9.6 billion higher than forecast, mainly reflecting stronger than expected taxation revenues as a result of higher net tax assessments for 2021 and prior years, based on new information from the Canada Revenue Agency (CRA) received since the 2022 Ontario Economic Outlook and Fiscal Review.
Ontario, similar to other provinces, incorporates updated information received from the CRA in its regular financial updates.
