Ontario Economic Update

As of July 21, 2017

Economy
  Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Real Gross Domestic Product ($2007 millions) - - - - 688,546 695,116 NA 695,116 665,034 682,840
Per cent change - - - - 0.5 1 NA 2.5 2.5 2.7
Current Dollar Gross Domestic Product ($ millions)  - - - - 810,529 827,051 NA 827,051 763,276 798,484
Per cent change - - - - 1.1 2 NA 4.7 4.9 4.6
Employment
  Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Quarterly
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Employment (000's) 7,069 7,067 7,087 7,081 7,038 7,075 7,078 7,051 6,923 7,000
Net New Jobs (000's)  -11.2 -1.6 19.9 -6.1 53.3 36.4 3.7 91 45.3 76.4
Per cent change -0.2 0 0.3 -0.1 0.8 0.5 0.1 1.3 0.7 1.1
Unemployment Rate (per cent)  6.4 5.8 6.5 6.4 6.3 6.3 6.2 6.4 6.8 6.5
Average Weekly Wage Rate ($), nsa  962.92 963.68 959.02 963.44 956.3 957.28 962.05 959.67 938.09 958.5
Per cent change -0.2 0 0.7 0.4 0.7 -0.2 0.4 0.1 3.4 2.2
Employment Insurance Beneficiaries (regular) 136,150 132,040 130,270 NA 139,110 137,237 NA 158,216 148,439 139,924
Per cent change 0.1 -3 -1.3 NA 1.3 -1.3 NA -3.9 -1.6 -5.7
Consumers
  Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Retail Sales ($ millions) 17,740 17,927 17,961 NA 51,976 53,017 NA 82,731 188,893 202,235
Per cent change 0.6 1.1 0.2 NA 2.7 2 NA 7.1 5.5 7.1
New Motor Vehicle Sales (units), nsa 77,551 82,527 93,022 NA 188,188 176,159 NA 351,708 778,716 821,762
Per cent change 7.2 -2.7 11.4 NA 2.1 6.3 NA 5.3 6.3 5.5
Consumer Price Index (CPI), nsa 131.4 132 131.9 132.1 130.3 131.1 132 131.6 127.4 129.7
Per cent change 1.9 1.9 1.4 1.3 2 2.2 1.5 1.8 1.2 1.8
Housing
  Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Housing Starts (000's)  89.7 74.4 54.2 78.3 75.4 88.5 70.2 34.9 70.2 75
Per cent change 3.6 -17.1 -27.1 44.4 2 17.4 -20.7 3 18.6 6.8
MLS Home Resales (units)  22,513 21,200 18,022 15,908 62,076 65,301 55,130 126,103 221,713 242,729
Per cent change 1.7 -5.8 -15 -11.7 1.6 5.2 -15.6 -1 9.5 9.5
Business
  Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Manufacturing Sales ($ millions)  25,773 25,583 26,252 NA 75,851 77,184 NA 128,001 289,325 300,990
Per cent change 0.9 -0.7 2.6 NA 1.2 1.8 NA 3.2 1.7 4
International Merchandise Exports ($ millions), nsa  18,582 16,578 18,618 NA 52,090 50,774 NA 85,970 197,030 205,399
Per cent change 2.5 -0.9 13 NA -1.8 -4.6 NA -0.5 10.7 4.2
International Merchandise Imports ($ millions), nsa 31,475 29,022 31,470 NA 83,368 84,114 NA 144,606 325,393 333,661
Per cent change 8.4 3.6 13.3 NA -0.3 2.3 NA 4.8 10.1 2.5
Wholesale Trade ($ millions)  31,101 31,514 NA NA 88,671 92,688 NA 117,995 328,001 348,870
Per cent change 0.5 1.3 NA NA 0.6 4.5 NA 8.1 6.6 6.4
Non-residential Building Permits ($ millions)  1,112 1,106 1,123 NA 3,003 2,885 NA 4,957 11,950 11,924
Per cent change 30.1 -0.5 1.6 NA -5.9 -3.9 NA 14.6 1.8 -0.2
Private and Public Investment ($ millions) - - - - - - - - 68,473 67,952
Per cent change - - - - - - - - 7.8 -0.8

* Notes: All data are seasonally adjusted unless otherwise specified with "nsa".
Per cent change for seasonally unadjusted (nsa) data is calculated on a year-to-year basis.
Year-to-date averages are generally calculated using unadjusted monthly data. Year-to-date per cent change is calculated on a year-to-year basis.
International merchandise trade is reported on a customs basis.
GDP levels are expressed at annual rates. Monthly and quarterly housing starts are expressed at seasonally adjusted annual rates.
Year-to-date housing starts are based on actual unadjusted urban-area data.
Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation and Canadian Real Estate Association.

For further information, please contact us at:
Ministry of Finance
Macroeconomics and Revenue Branch
Economic Analysis Unit
6th Floor, Frost Building North
95 Grosvenor Street
Toronto ON M7A 1Z1
416 325-0755
Send us your questions or comments.

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