Ontario Economic Update

As of June 23, 2017

Economy
  Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Real Gross Domestic Product ($2007 millions) - - - - 684,854 688,474 NA 682,957 665,034 682,957
Per cent change - - - - 0.7 0.5 NA 2.7 2.5 2.7
Current Dollar Gross Domestic Product ($ millions)  - - - - 801,465 809,250 NA 798,218 763,276 798,218
Per cent change - - - - 1.1 1 NA 4.6 4.9 4.6
Employment
  Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Employment (000's) 7,080 7,069 7,067 7,087 6,985 7,038 7,075 7,019 6,923 7,000
Net New Jobs (000's)  4.6 -11.2 -1.6 19.9 -10.8 53.3 36.4 93.3 45.3 76.4
Per cent change 0.1 -0.2 0 0.3 -0.2 0.8 0.5 1.3 0.7 1.1
Unemployment Rate (per cent)  6.2 6.4 5.8 6.5 6.6 6.3 6.3 6.4 6.8 6.5
Average Weekly Wage Rate ($), nsa  956.78 962.92 963.68 959.02 960.1 956.3 957.28 958.91 938.09 958.5
Per cent change -0.3 -0.2 0 0.7 1.2 0.7 -0.2 0 3.4 2.2
Employment Insurance Beneficiaries (regular) 135,990 135,570 132,460 NA 137,277 139,110 137,043 170,560 148,439 139,924
Per cent change -2.6 -0.3 -2.3 NA -1.3 1.3 -1.5 -3.4 -1.6 -5.7
Consumers
  Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Retail Sales ($ millions) 17,632 17,730 17,931 NA 50,599 51,976 53,009 63,192 188,893 202,235
Per cent change -0.1 0.6 1.1 NA 1.5 2.7 2 6 5.5 7.1
New Motor Vehicle Sales (units), nsa 52,347 77,551 82,527 NA 218,084 188,188 176,159 258,686 778,716 821,762
Per cent change 7.4 7.2 -2.7 NA 2.4 2.1 6.3 3.3 6.3 5.5
Consumer Price Index (CPI), nsa 131.2 131.4 132 131.9 130.1 130.3 131.1 131.5 127.4 129.7
Per cent change 2.3 1.9 1.9 1.4 1.6 2 2.2 2 1.2 1.8
Housing
  Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Housing Starts (000's)  86.8 90 73.7 53.8 74 75.4 89.6 27.5 70.2 75
Per cent change -14.9 3.8 -18.2 -27 -0.4 2 18.8 6.3 18.6 6.8
MLS Home Resales (units)  22,147 22,513 21,200 18,188 61,123 62,076 65,301 104,434 221,715 242,730
Per cent change 7.3 1.7 -5.8 -14.2 1.7 1.6 5.2 4.8 9.5 9.5
Business
  Monthly:
2017 Feb
Monthly:
2017 Mar
Monthly:
2017 Apr
Monthly:
2017 May
Quarterly:
2016 Q3
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Year
to Date*
Annual:
2015
Annual:
2016
Manufacturing Sales ($ millions)  25,554 25,785 25,804 NA 74,934 75,851 77,216 100,333 289,325 300,990
Per cent change -1.2 0.9 0.1 NA 0.9 1.2 1.8 1.4 1.7 4
International Merchandise Exports ($ millions), nsa  15,936 18,568 16,596 NA 49,829 52,090 50,750 67,346 197,030 205,399
Per cent change -8.5 2.4 -0.8 NA -0.5 -1.8 -4.6 -3.7 10.7 4.2
International Merchandise Imports ($ millions), nsa 26,484 31,445 29,027 NA 83,066 83,368 84,084 113,111 325,393 333,661
Per cent change -3.4 8.3 3.7 NA 0.7 -0.3 2.2 2.6 10.1 2.5
Wholesale Trade ($ millions)  30,942 31,101 31,514 NA 88,140 88,671 92,688 117,995 328,001 348,870
Per cent change 1 0.5 1.3 NA 2.2 0.6 4.5 8.1 6.6 6.4
Non-residential Building Permits ($ millions)  855 1,112 1,113 NA 3,193 3,003 2,885 3,671 11,950 11,924
Per cent change -7 30.1 0.1 NA 18.9 -5.9 -3.9 10.8 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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