Ontario Economic Update

As of August 17, 2018

Economy
  Monthly:
2018 Apr
Monthly:
2018 May
Monthly:
2018 Jun
Monthly:
2018 Jul
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Year
to Date*
Annual:
2016
Annual:
2017
Real Gross Domestic Product ($2007 millions) - - - - 708,976 711,447 NA 711,447 685,008 703,484
Per cent change         0.6 0.3 NA 1.9 2.6 2.7
Current Dollar Gross Domestic Product ($ millions)  - - - - 841,638 847,438 NA 847,438 794,835 830,446
Per cent change         1.4 0.7 NA 3.1 4.3 4.5
Employment
  Monthly:
2018 Apr
Monthly:
2018 May
Monthly:
2018 Jun
Monthly:
2018 Jul
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Year
to Date*
Annual:
2016
Annual:
2017
Employment (000's) 7,209 7,210 7,244 7,305 7,207 7,187 7,221 7,207 7,000 7,128
Net New Jobs (000's)  9.3 1.0 34.9 60.6 58.4 -20.5 33.9 135.1 76.4 128.4
Per cent change 0.1 0.0 0.5 0.8 0.8 -0.3 0.5 1.9 1.1 1.8
Unemployment Rate (per cent)  5.6 5.7 5.9 5.4 5.6 5.5 5.7 5.8 6.5 6.0
Average Weekly Wage Rate ($), nsa  1,008.07 1,007.29 1,006.49 1,000.68 979.93 994.54 1,007.28 1,000.88 958.50 967.44
Per cent change 4.6 5.0 4.5 4.1 2.5 3.9 4.7 4.3 2.2 0.9
Employment Insurance Beneficiaries (regular) 116,930 119,410 NA NA 129,467 123,527 NA 141,546 139,924 134,548
Per cent change -3.3 2.1 NA NA -3.3 -4.6 NA -10.8 -5.7 -3.8
Consumers
  Monthly:
2018 Apr
Monthly:
2018 May
Monthly:
2018 Jun
Monthly:
2018 Jul
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Year
to Date*
Annual:
2016
Annual:
2017
Retail Sales ($ millions) 18,170 18,648 NA NA 55,207 55,126 NA 86,158 200,886 216,318
Per cent change -1.9 2.6 NA NA 1.7 -0.1 NA 3.7 6.9 7.7
New Motor Vehicle Sales (units), nsa 80,955 92,146 89,087 NA 190,572 185,463 262,188 447,651 821,762 857,155
Per cent change -1.9 -0.9 3.3 NA 1.3 5.3 0.2 2.2 5.5 4.3
Consumer Price Index (CPI), nsa 134.8 134.9 135.3 136.0 132.3 133.9 135.0 134.7 129.7 131.9
Per cent change 2.1 2.3 2.4 3.1 1.6 2.1 2.3 2.3 1.8 1.7
Housing
  Monthly:
2018 Apr
Monthly:
2018 May
Monthly:
2018 Jun
Monthly:
2018 Jul
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Year
to Date*
Annual:
2016
Annual:
2017
Housing Starts (000's)  69.7 55.0 104.3 69.1 75.2 87.5 76.3 43.0 75.0 79.1
Per cent change -6.9 -21.1 89.5 -33.8 -12.2 16.3 -12.7 2.3 6.8 5.6
MLS Home Resales (units)  14,519 14,924 15,964 16,543 55,768 45,605 45,407 115,453 243,097 219,121
Per cent change -4.4 2.8 7.0 3.6 13.3 -18.2 -0.4 -19.1 8.7 -9.9
Business
  Monthly:
2018 Apr
Monthly:
2018 May
Monthly:
2018 Jun
Monthly:
2018 Jul
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Year
to Date*
Annual:
2016
Annual:
2017
Manufacturing Sales ($ millions)  26,358 26,292 26,434 NA 75,859 77,573 79,084 157,710 299,099 304,855
Per cent change 0.3 -0.3 0.5 NA 2.3 2.3 1.9 1.0 4.1 1.9
International Merchandise Exports ($ millions), nsa  16,719 17,612 17,996 NA 49,813 49,123 52,327 101,449 205,463 199,392
Per cent change 0.3 -5.2 0.6 NA -4.4 -3.2 -1.5 -2.3 4.3 -3.0
International Merchandise Imports ($ millions), nsa 29,755 31,068 31,399 NA 85,377 84,714 92,221 176,935 333,649 346,962
Per cent change 2.4 -1.3 -2.1 NA 2.4 0.7 -0.4 0.1 2.5 4.0
Wholesale Trade ($ millions)  32,422 32,121 NA NA 96,583 96,859 NA 158,524 349,226 377,719
Per cent change -1.0 -0.9 NA NA 1.8 0.3 NA 4.6 6.4 8.2
Non-residential Building Permits ($ millions)  1,014 1,069 1,198 NA 3,930 3,567 3,281 6,513 11,924 14,764
Per cent change -9.4 5.4 12.1 NA 3.5 -9.2 -8.0 -4.9 -0.2 23.8
Private and Public Investment ($ millions) - - - - - - - - 64,343 68,519
Per cent change - - - - - - - - -6.0 6.5

* 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.

Page: 2160  |