Ontario buy canada goose jacket cheap cuts growth targets
Net debt to GDP higher than canada goose coats on sale expected, Canada Goose Parka peak at 41.3 pct
By Claire Sibonney
TORONTO, Nov 23 (Reuters) The Ontario government cut its growth, revenue and reserve targets on Wednesday, but said it was still on track to balance canada goose deals the canada goose store budget in six years, without lowering total program spending or raising canada goose outlet toronto factory taxes.
In its fall economic statement, the government of Canada most populous province said the timetable for eliminating its 2011 12 deficit of C$16 billion ($15.2 billion) by 2017 18 remains intact, as do medium canada goose coats term targets, despite pressures from economic canada goose turmoil in the United States and Europe.
It said its net debt to GDP ratios will be higher than previously forecast, peaking at 41.3 percent in 2014 15.
The Liberal government insisted it will Canada Goose Outlet not introduce sweeping austerity measures, and will go ahead with planned spending in healthcare and education, as well as its ambitious green energy program and promised tax cuts.
It said it would balance those expenditures through savings in officialcanadagoosesoutlet other areas, and promised more detail would be revealed in the full budget next spring.
looking canada goose outlet store locations at an extended period of restraint in Ontario and canada goose replica it not all going to be done in one budget, Finance Minister Canada Goose Coats On Sale Dwight Duncan told reporters.
He said the government will be listening closely to the cost cutting canada goose clearance recommendations of Don Drummond, a former Toronto Dominion Bank chief economist, now advising Ontario and due to present his Canada Goose Jackets findings in January in time for the spring budget.
Drummond has already said the province will not meet its deficit targets unless it curbs program expense growth to just 1 percent a year for the next six years, and Duncan on Wednesday said it might be even lower than that.
ONTARIO Canada Goose online BOND YIELDS SPIKE Still, many investors are concerned that the province deficit targets may not be met on time, even after it pledged to cut the the public service by 7 percent by 2014 and slash some buy canada goose jacket ministry budgets by one third.
Ontario cost of borrowing in bond markets, relative to the Canadian government, reached its cheap Canada Goose widest points this year on Wednesday.
Ontario 10 year government bond yield now trades nearly 1 percentage point higher than the Canadian Canada Goose Online 10 year yield, compared with less than 60 basis points canadian goose jacket in February.
The province, which relies heavily on the manufacturing sector, especially autos and auto parts, said it continues to feel the economic impact of supply chain disruptions from the Japanese earthquake and tsunami.
It lowered its growth targets for the next several years. The government expects provincial gross domestic product Canada Goose sale will grow 1.8 percent in both 2011 and 2012, a slightly more conservative estimate than recent downgraded private sector forecasts. It sees 2.5 percent growth in 2013 and 2.6 percent in 2014.
The government said total revenue for 2011 12 is expected to be C$443 million lower than the C$108.7 billion March budget canada goose black friday sale forecast, reflecting lower personal income taxes due to slower growth. Excluding the impact of a one time loan repayment from Chrysler Canada and other first quarter changes, the revenue forecast is C$778 million lower.
Reserves for 2011 12, it said, were also diminished by C$500 million from the C$700 million detailed in the last budget.
Total program spending, which includes generous increases for healthcare and education, is little changed in 2011 12 at around C$114 billion.
However, total canada goose clearance sale expenses, which include interest on debt, are seen easing in the medium term due to the lower interest rate outlook.
The province said its borrowing requirement through 2013 14 had been reduced by C$3.6 billion, primarily because it has been beating its fiscal targets, with a lower 2018 canada canada goose outlet store locations goose outlet deficit recorded in the 2010 11 public accounts and a lower projected deficit in 2011 12. The 2011 12 borrowing requirement remains C$35 billion.
The budget update comes on the heels of the province Throne Speech on Tuesday, which opened the first session of the legislature since the Oct. 6 election that reduced the Liberals to a minority government.