12 Sep 2011

Ontario’s economic output to slide, economists predict

Though Ontario's economic function has been high throughout much of 2011, economists believe it will sputter somewhat for the remainder of the year.

According to the Royal Bank of Canada's Economic Provincial Outlook, supply-chain disruptions in the automotive sector and below average U.S. growth will impact Ontario's gross domestic product. GDP is a measurement of all the goods and services a country produces.

"Ontario's auto sector was severely disrupted by Japan's earthquake and tsunami in March, causing a number of assembly plants to halt or curtail operations for several weeks," said Craig Wright, senior vice president and chief economist at RBC. "As a result of this catastrophe, car and truck output in the province plummeted by 14 per cent in the second quarter relative to a year ago, which entirely reversed the strong gains we saw in the first quarter."

Though the economic slowdown isn't expected to be severe, it always pays off to be prepared for difficult financial times. Having a sufficient supply of emergency supplies in storage may be advisable as a result.

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