Ontario GDP & Provincial Government Budget

The Ontario GDP has doubled in the past 18 years from about $300 billion in 1993 to around $600 billion today. The following chart illustrates the GDP growth, and the budget surplus/deficit each year. A surplus is shown in green, and a deficit in red. Note the scale (on right) is different for the budget; the GDP scale is on the left.

GDP figures are drawn at quarterly resolution, but the budget is computed annually. The bars for the budget are show at the first quarter for each fiscal year. I have added the name of the Premier for each government, and the black vertical lines correspond to the date of change of government.

Mike Harris ran an average annual deficit of $2.675 billion.

Ernie Eves ran an average annual deficit of $2.683 billion.

Prior to the recession, Dalton McGuinty managed an average annual surplus of $403 million. After teaming up with Stephen Harper on the General Motors bailout, the situation has changed dramatically and it is now an average annual deficit of $4.355 billion.