Ontario Economic Update

As of March 6, 2020

Economy
  Monthly:
2019 Nov
Monthly:
2019 Dec
Monthly:
2020 Jan
Monthly:
2020 Feb
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Real Gross Domestic Product ($2007 millions) 790,509 795,130 NA 789,887 778,518 NA
Per cent change 0.8 0.6 NA 1.7 2.2 NA
Current Dollar Gross Domestic Product ($ millions)  888,181 898,665 NA 885,605 857,386 NA
Per cent change 2.1 1.2 NA 3.6 3.7 NA
Employment
  Monthly:
2019 Nov
Monthly:
2019 Dec
Monthly:
2020 Jan
Monthly:
2020 Feb
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Employment (000's) 7,525 7,542 7,558 7,555 7,430 7,478 7,525 7,460 7,242 7,453
Net New Jobs (000's)  17.9 17.1 15.9 −3.2 59.4 48.0 46.7 189.4 114.4 210.2
Per cent change 0.2 0.2 0.2 0.0 0.8 0.6 0.6 2.6 1.6 2.9
Unemployment Rate (per cent)  5.5 5.3 5.2 5.5 5.5 5.5 5.4 5.3 5.6 5.6
Average Weekly Wage Rate ($), nsa  1,045 1,049 1,062 1,063 1,035 1,048 1,048 1,062 1,002 1,037
Per cent change 4.9 4.8 5.6 4.5 2.8 4.4 4.7 5.1 3.5 3.5
Employment Insurance Beneficiaries (regular) 120,440 120,360 NA NA 117,993 119,787 120,913 118,759 120,384 118,759
Per cent change −1.2 −0.1 NA NA 3.3 1.5 0.9 −1.3 −10.6 −1.3
Consumers
  Monthly:
2019 Nov
Monthly:
2019 Dec
Monthly:
2020 Jan
Monthly:
2020 Feb
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Retail Sales ($ millions) 19,694 19,769 NA NA 58,112 58,790 58,758 232,283 225,859 232,283
Per cent change 2.1 0.4 NA NA 2.8 1.2 −0.1 2.8 4.4 2.8
New Motor Vehicle Sales (units), nsa 65,135 50,977 NA NA 248,313 229,603 185,806 843,559 862,313 843,559
Per cent change 1.9 −1.9 NA NA −5.3 −0.3 0.8 −2.2 0.6 −2.2
Consumer Price Index (CPI), nsa 137.7 137.8 138.0 NA 137.8 138.3 137.8 138.0 135.0 137.5
Per cent change 1.9 2.1 2.1 NA 2.1 1.9 1.9 2.1 2.4 1.9
Housing
  Monthly:
2019 Nov
Monthly:
2019 Dec
Monthly:
2020 Jan
Monthly:
2020 Feb
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Housing Starts (000's)  64.9 57.2 69.5 NA 68.2 78.7 65.9 4.8 78.7 69.0
Per cent change −12.2 −11.9 21.6 NA 9.0 15.3 −16.3 −1.7 −0.5 −12.4
MLS Home Resales (units)  18,417 17,778 17,416 NA 51,305 54,992 54,620 10,582 191,105 208,116
Per cent change 0.0 −3.5 −2.0 NA 8.7 7.2 −0.7 6.7 −13.1 8.9
Business
  Monthly:
2019 Nov
Monthly:
2019 Dec
Monthly:
2020 Jan
Monthly:
2020 Feb
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Manufacturing Sales ($ millions)  26,126 25,851 NA NA 79,769 79,354 77,901 315,967 315,506 315,967
Per cent change 0.8 −1.1 NA NA 0.8 −0.5 −1.8 0.1 3.9 0.1
International Merchandise Exports ($ millions), nsa  18,237 16,525 16,590 NA 53,895 51,499 53,538 16,590 201,932 209,489
Per cent change 0.8 6.0 −2.5 NA 3.0 6.0 2.9 −2.5 1.4 3.7
International Merchandise Imports ($ millions), nsa 29,848 27,828 27,054 NA 94,647 90,334 89,208 27,054 354,567 363,177
Per cent change 0.1 −1.6 −3.6 NA 2.7 1.8 0.1 −3.6 2.3 2.4
Wholesale Trade ($ millions)  33,003 33,327 NA NA 98,685 100,580 99,757 397,201 385,590 397,201
Per cent change −1.3 1.0 NA NA 0.5 1.9 −0.8 3.0 2.5 3.0
Non-residential Building Permits ($ millions)  1,177 1,542 NA NA 3,827 3,923 4,095 15,654 13,380 15,654
Per cent change −14.5 31.1 NA NA 9.8 2.5 4.4 17.0 −9.4 17.0
Private and Public Investment ($ millions) 81,921 82,731
Per cent change 18.6 1.0

* 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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