Ontario Economic Update

As of August 18, 2017

Economy
  Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
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 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Quarterly
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Employment (000's) 7,067 7,087 7,081 7,106 7,038 7,075 7,078 7,072 6,923 7,000
Net New Jobs (000's)  -1.6 19.9 -6.1 25.5 53.3 36.4 3.7 99.3 45.3 76.4
Per cent change 0 0.3 -0.1 0.4 0.8 0.5 0.1 1.4 0.7 1.1
Unemployment Rate (per cent)  5.8 6.5 6.4 6.1 6.3 6.3 6.2 6.4 6.8 6.5
Average Weekly Wage Rate ($), nsa  963.68 959.02 963.44 961.41 956.3 957.28 962.05 959.91 938.09 958.5
Per cent change 0 0.7 0.4 0.1 0.7 -0.2 0.4 0.1 3.4 2.2
Employment Insurance Beneficiaries (regular) 132,040 130,270 NA NA 139,110 137,237 NA 158,216 148,439 139,924
Per cent change -3 -1.3 NA NA 1.3 -1.3 NA -3.9 -1.6 -5.7
Consumers
  Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Retail Sales ($ millions) 17,927 17,961 NA NA 51,976 53,017 NA 82,731 188,893 202,235
Per cent change 1.1 0.2 NA NA 2.7 2 NA 7.1 5.5 7.1
New Motor Vehicle Sales (units), nsa 82,527 93,022 86,238 NA 188,188 176,159 261,787 437,946 778,716 821,762
Per cent change -2.7 11.4 5.8 NA 2.1 6.3 4.8 5.4 6.3 5.5
Consumer Price Index (CPI), nsa 132 131.9 132.1 131.9 130.3 131.1 132 131.6 127.4 129.7
Per cent change 1.9 1.4 1.3 1.2 2 2.2 1.5 1.8 1.2 1.8
Housing
  Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Housing Starts (000's)  74.5 54.2 78.2 79.2 75.4 88.5 70.2 42 70.2 75
Per cent change -16.9 -27.3 44.3 1.2 2 17.4 -20.7 3 18.6 6.8
MLS Home Resales (units)  21,200 18,022 15,970 15,179 62,076 65,301 55,192 142,474 221,713 242,726
Per cent change -5.8 -15 -11.4 -5 1.6 5.2 -15.5 -4.9 9.5 9.5
Business
  Monthly:
2017 Apr
Monthly:
2017 May
Monthly:
2017 Jun
Monthly:
2017 Jul
Quarterly:
2016 Q4
Quarterly:
2017 Q1
Quarterly:
2017 Q2
Year
to Date*
Annual:
2015
Annual:
2016
Manufacturing Sales ($ millions)  25,700 26,364 25,926 NA 75,851 77,182 77,989 155,921 289,325 300,990
Per cent change -0.3 2.6 -1.7 NA 1.2 1.8 1 3.5 1.7 4
International Merchandise Exports ($ millions), nsa  16,689 18,602 17,904 NA 52,096 50,775 53,194 103,969 197,030 205,508
Per cent change -0.3 12.8 4.8 NA -1.8 -4.7 5.8 0.4 10.7 4.3
International Merchandise Imports ($ millions), nsa 29,021 31,454 31,829 NA 83,386 84,115 92,304 176,419 325,393 333,664
Per cent change 3.7 13.3 9 NA -0.2 2.3 8.6 5.5 10.1 2.5
Wholesale Trade ($ millions)  31,480 31,508 NA NA 88,671 92,777 NA 152,653 328,001 348,870
Per cent change 1.1 0.1 NA NA 0.6 4.6 NA 9.3 6.6 6.4
Non-residential Building Permits ($ millions)  1,106 1,133 1,346 NA 3,003 2,885 3,585 6,774 11,950 11,924
Per cent change -0.5 2.5 18.7 NA -5.9 -3.9 24.3 27.9 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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