Ontario Economic Update

As of July 19, 2019

Economy
  Monthly:
2019 Mar
Monthly:
2019 Apr
Monthly:
2019 May
Monthly:
2019 Jun
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Real Gross Domestic Product ($2007 millions) 784,451 785,394 NA 785,394 761,305 778,814
Per cent change 0.2 0.1 NA 2.0 2.8 2.3
Current Dollar Gross Domestic Product ($ millions)  862,806 867,918 NA 867,918 825,805 854,742
Per cent change 0.1 0.6 NA 3.1 4.1 3.5
Employment
  Monthly:
2019 Mar
Monthly:
2019 Apr
Monthly:
2019 May
Monthly:
2019 Jun
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Employment (000's) 7,370 7,417 7,438 7,431 7,284 7,364 7,429 7,370 7,128 7,242
Net New Jobs (000's)  −8.8 47.1 20.9 −7.0 18.4 79.4 65.1 194.4 128.4 114.4
Per cent change −0.1 0.6 0.3 −0.1 0.3 1.1 0.9 2.7 1.8 1.6
Unemployment Rate (per cent)  5.9 6.0 5.2 5.4 5.5 5.8 5.5 5.8 6.0 5.6
Average Weekly Wage Rate ($), nsa  1,021.36 1,025.10 1,032.87 1,047.23 1,000.72 1,014.32 1,035.07 1,024.69 967.44 1,001.74
Per cent change 2.0 1.7 2.5 4.0 2.1 2.0 2.8 2.4 0.9 3.5
Employment Insurance Beneficiaries (regular) 116,350 114,580 116,850 NA 115,537 114,230 NA 132,996 134,650 120,384
Per cent change 1.3 −1.5 2.0 NA −3.1 −1.1 NA −6.6 −3.8 −10.6
Consumers
  Monthly:
2019 Mar
Monthly:
2019 Apr
Monthly:
2019 May
Monthly:
2019 Jun
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Retail Sales ($ millions) 19,094 19,315 19,414 NA 57,090 56,510 NA 89,268 216,318 225,859
Per cent change 1.2 1.2 0.5 NA −0.6 −1.0 NA 3.5 7.7 4.4
New Motor Vehicle Sales (units), nsa 81,225 78,914 85,565 NA 184,390 179,837 NA 344,316 857,155 862,313
Per cent change −0.1 −2.5 −7.1 NA −3.2 −3.1 NA −4.0 4.3 0.6
Consumer Price Index (CPI), nsa 137.0 137.4 138.1 138.0 135.2 136.1 137.8 136.9 131.9 135.0
Per cent change 1.8 1.9 2.4 2.0 2.2 1.6 2.1 1.8 1.7 2.4
Housing
  Monthly:
2019 Mar
Monthly:
2019 Apr
Monthly:
2019 May
Monthly:
2019 Jun
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Housing Starts (000's)  61.4 83.9 49.0 66.3 82.4 61.9 68.1 29.8 79.1 78.7
Per cent change 8.6 36.6 −41.6 35.3 18.0 −24.8 10.0 −19.5 5.6 −0.5
MLS Home Resales (units)  15,660 16,531 17,051 17,180 49,156 47,661 50,762 104,615 219,294 190,900
Per cent change 3.8 5.6 3.1 0.8 −0.7 −3.0 6.5 6.1 −9.9 −12.9
Business
  Monthly:
2019 Mar
Monthly:
2019 Apr
Monthly:
2019 May
Monthly:
2019 Jun
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Year
to Date*
Annual:
2017
Annual:
2018
Manufacturing Sales ($ millions)  26,628 26,158 26,863 NA 79,297 79,120 NA 131,943 303,565 315,506
Per cent change 2.3 −1.8 2.7 NA −0.6 −0.2 NA 1.8 1.8 3.9
International Merchandise Exports ($ millions), nsa  17,966 17,253 18,919 NA 52,074 50,586 NA 86,758 199,260 202,228
Per cent change 0.7 3.2 7.4 NA 4.6 3.1 NA 4.0 −2.8 1.5
International Merchandise Imports ($ millions), nsa 32,750 30,707 32,654 NA 89,082 88,975 NA 152,336 346,848 354,667
Per cent change 2.9 3.1 5.1 NA 4.4 5.1 NA 4.7 4.0 2.3
Wholesale Trade ($ millions)  32,923 33,298 NA NA 96,996 98,324 NA 126,088 376,133 385,590
Per cent change −0.4 1.1 NA NA 0.9 1.4 NA 2.6 7.4 2.5
Non-residential Building Permits ($ millions)  1,184 1,400 1,138 NA 3,320 3,484 NA 5,481 14,764 13,380
Per cent change 5.3 18.3 −18.7 NA 3.3 4.9 NA 11.7 23.8 −9.4
Private and Public Investment ($ millions) 69,073 72,479
Per cent change 7.4 4.9

* 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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