Newmarket-Aurora MP Lois Brown welcomed Statistics Canada’s Fourth Quarter GDP report released today.
Canada’s economy grew 5% in the 4th quarter of 2009. This represents the strongest quarterly rate of economic growth in almost a decade, and is well ahead of market expectations.
“Our economy's strong performance is further proof that Canada’s Economic Action Plan is working,” said MP Brown. “Our actions are helping Canada to emerge from this period of economic uncertainty with justified confidence”.
Highlights from the past quarter include:
- Household spending increased as Canadians had more income to spend due in part to tax cut measures,
- Expenditures for home renovations went up significantly as Canadians availed themselves of the Home Renovation Tax Credit,
- Major investments in infrastructure funded thousands of stimulus projects in communities in every part of Canada.
In the coming year the IMF predicts Canada’s economic growth will lead all other G-7 countries.
“This is great news for Newmarket and Aurora. As confidence continues to grow, business investment and job creation will follow. I look forward to our upcoming Budget 2010 and its focus on economic recovery, job creation and deficit reduction once our economic recovery is assured.”
