Ontario Economic Update

As of January 12, 2018

Economy
  Monthly:
2017 Sep
Monthly:
2017 Oct
Monthly:
2017 Nov
Monthly:
2017 Dec
Quarterly:
2017 Q2
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Year
to Date*
Annual:
2016
Annual:
2017
Real Gross Domestic Product ($2007 millions) - - - - 701,150 NA NA 698,462 685,008 NA
Per cent change - - - - 0.8 NA NA 2.9 2.6 NA
Current Dollar Gross Domestic Product ($ millions)  - - - - 831,450 NA NA 828,981 794,835 NA
Per cent change - - - - 0.6 NA NA 4.8 4.3 NA
Employment
  Monthly:
2017 Sep
Monthly:
2017 Oct
Monthly:
2017 Nov
Monthly:
2017 Dec
Quarterly:
2017 Q2
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Year
to Date*
Annual:
2016
Annual:
2017
Employment (000's) 7,172 7,177 7,221 7,223 7,078 7,139 7,207 7,128 7,000 7,128
Net New Jobs (000's)  34.7 5.2 43.5 1.9 3.7 60.4 68.3 128.5 76.4 128.4
Per cent change 0.5 0.1 0.6 0.0 0.1 0.9 1.0 1.8 1.1 1.8
Unemployment Rate (per cent)  5.6 5.9 5.5 5.5 6.2 5.8 5.6 6.0 6.5 6.0
Average Weekly Wage Rate ($), nsa  980.39 974.1 978.8 986.89 962.05 970.17 979.93 967.36 958.5 967.44
Per cent change 2.0 1.9 2.5 3.0 0.4 1.0 2.5 0.9 2.2 0.9
Employment Insurance Beneficiaries (regular) 130,900 134,450 NA NA 133,437 133,443 NA 140,133 139,924 NA
Per cent change -2.4 2.7 NA NA -2.8 0.0 NA -2.9 -5.7 NA
Consumers
  Monthly:
2017 Sep
Monthly:
2017 Oct
Monthly:
2017 Nov
Monthly:
2017 Dec
Quarterly:
2017 Q2
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Year
to Date*
Annual:
2016
Annual:
2017
Retail Sales ($ millions) 18,120 18,317 NA NA 53,681 54,052 NA 175,794 202,235 NA
Per cent change 0.5 1.1 NA NA 1.3 0.7 NA 7.0 7.1 NA
New Motor Vehicle Sales (units), nsa 78,676 68,064 NA NA 261,787 228,695 NA 734,705 821,762 NA
Per cent change 10.3 1.4 NA NA 4.8 4.9 NA 4.8 5.5 NA
Consumer Price Index (CPI), nsa 132.3 132.3 132.7 NA 132.0 132.0 NA 131.9 129.7 NA
Per cent change 1.7 1.3 1.9 NA 1.5 1.5 NA 1.7 1.8 NA
Housing
  Monthly:
2017 Sep
Monthly:
2017 Oct
Monthly:
2017 Nov
Monthly:
2017 Dec
Quarterly:
2017 Q2
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Year
to Date*
Annual:
2016
Annual:
2017
Housing Starts (000's)  79.6 60.6 98.9 65.8 70.0 85.7 75.3 75.1 75.0 79.0
Per cent change -17.3 -23.9 63.3 -33.4 -20.4 22.4 -12.1 4.5 6.8 5.4
MLS Home Resales (units)  16,500 17,118 18,440 NA 55,192 47,820 NA 208,935 242,383 NA
Per cent change 3.1 3.7 7.7 NA -15.5 -13.4 NA -9.6 9.3 NA
Business
  Monthly:
2017 Sep
Monthly:
2017 Oct
Monthly:
2017 Nov
Monthly:
2017 Dec
Quarterly:
2017 Q2
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Year
to Date*
Annual:
2016
Annual:
2017
Manufacturing Sales ($ millions)  24,500 23,969 NA NA 77,366 73,258 NA 252,125 297,649 NA
Per cent change -0.7 -2.2 NA NA 0.8 -5.3 NA 1.8 4.0 NA
International Merchandise Exports ($ millions), nsa  15,556 16,386 17,285 NA 53,267 45,781 NA 183,564 205,456 NA
Per cent change -11.6 -8.7 -3.5 NA 5.9 -8.2 NA -3.0 4.3 NA
International Merchandise Imports ($ millions), nsa 28,169 28,309 29,732 NA 92,553 84,858 NA 319,557 333,645 NA
Per cent change 0.3 -1.7 4.8 NA 8.9 2.2 NA 3.9 2.5 NA
Wholesale Trade ($ millions)  32,012 32,186 NA NA 94,694 96,020 NA 316,149 348,870 NA
Per cent change -0.6 0.5 NA NA 2.1 1.4 NA 9.1 6.4 NA
Non-residential Building Permits ($ millions)  1,258 1,526 1,114 NA 3,645 3,716 NA 13,745 11,924 NA
Per cent change 21.3 21.3 -27.0 NA 26.3 1.9 NA 23.9 -0.2 NA
Private and Public Investment ($ millions) - - - - - - - - 67,952 70,647
Per cent change - - - - - - - - -0.8 4.0

* 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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