Ontario Economic Update

As of October 12, 2018

Economy
  Monthly:
2018 Jun
Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Real Gross Domestic Product ($2007 millions) - - - - 711,447 NA NA 711,447 685,008 703,484
Per cent change         0.3 NA NA 1.9 2.6 2.7
Current Dollar Gross Domestic Product ($ millions)  - - - - 847,438 NA NA 847,438 794,835 830,446
Per cent change         0.7 NA NA 3.1 4.3 4.5
Employment
  Monthly:
2018 Jun
Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Employment (000's) 7,244 7,305 7,225 7,261 7,187 7,221 7,264 7,222 7,000 7,128
Net New Jobs (000's)  34.9 60.6 -80.1 36.1 -20.5 33.9 42.8 122.7 76.4 128.4
Per cent change 0.5 0.8 -1.1 0.5 -0.3 0.5 0.6 1.7 1.1 1.8
Unemployment Rate (per cent)  5.9 5.4 5.7 5.9 5.5 5.7 5.7 5.8 6.5 6.0
Average Weekly Wage Rate ($), nsa  1,006.49 1,000.68 1,004.19 1,007.81 994.54 1,007.28 1,004.23 1,002.02 958.50 967.44
Per cent change 4.5 4.1 3.7 2.8 3.9 4.7 3.5 4.0 2.2 0.9
Employment Insurance Beneficiaries (regular) 120,070 119,940 NA NA 123,527 119,570 NA 134,066 139,924 134,548
Per cent change -0.6 -0.1 NA NA -4.6 -3.2 NA -10.8 -5.7 -3.8
Consumers
  Monthly:
2018 Jun
Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Retail Sales ($ millions) 18,863 18,888 NA NA 55,185 55,624 NA 125,828 200,886 216,318
Per cent change 0.7 0.1 NA NA 0.0 0.8 NA 4.2 6.9 7.7
New Motor Vehicle Sales (units), nsa 89,087 77,044 NA NA 185,463 262,188 NA 524,695 821,762 857,155
Per cent change 3.3 2.4 NA NA 5.3 0.2 NA 2.2 5.5 4.3
Consumer Price Index (CPI), nsa 135.3 136.0 135.9 NA 133.9 135.0 NA 134.8 129.7 131.9
Per cent change 2.4 3.1 3.1 NA 2.1 2.3 NA 2.4 1.8 1.7
Housing
  Monthly:
2018 Jun
Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Housing Starts (000's)  104.1 69.0 64.1 77.4 87.5 76.2 69.7 55.2 75.0 79.1
Per cent change 89.6 -33.7 -7.0 20.7 16.3 -12.9 -8.5 -2.9 6.8 5.6
MLS Home Resales (units)  15,964 16,835 17,040 NA 45,605 45,407 NA 134,358 245,845 221,396
Per cent change 7.0 5.5 1.2 NA -18.2 -0.4 NA -16.7 8.3 -9.9
Business
  Monthly:
2018 Jun
Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Manufacturing Sales ($ millions)  26,560 27,110 NA NA 77,573 79,226 NA 182,495 299,099 304,855
Per cent change 1.0 2.1 NA NA 2.3 2.1 NA 2.6 4.1 1.9
International Merchandise Exports ($ millions), nsa  18,082 15,770 16,534 NA 49,124 52,415 NA 133,842 205,463 199,392
Per cent change 1.1 13.6 1.6 NA -3.2 -1.4 NA -0.1 4.3 -3.0
International Merchandise Imports ($ millions), nsa 31,391 28,604 30,329 NA 84,718 92,239 NA 235,890 333,649 346,962
Per cent change -2.1 6.6 1.5 NA 0.7 -0.4 NA 1.1 2.5 4.0
Wholesale Trade ($ millions)  32,278 32,645 NA NA 96,859 96,704 NA 224,209 349,226 377,719
Per cent change 0.7 1.1 NA NA 0.3 -0.2 NA 3.9 6.4 8.2
Non-residential Building Permits ($ millions)  1,200 1,043 1,082 NA 3,567 3,287 NA 9,111 11,924 14,764
Per cent change 11.8 -13.1 3.7 NA -9.2 -7.8 NA -8.9 -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.

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