Ontario Economic Update

As of January 18, 2019

Economy
  Monthly:
2018 Sep
Monthly:
2018 Oct
Monthly:
2018 Nov
Monthly:
2018 Dec
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Real Gross Domestic Product ($2007 millions) - - - - 777,974 783,026 NA 777,256 761,305 NA
Per cent change         0.9 0.6 NA 2.4 2.8 NA
Current Dollar Gross Domestic Product ($ millions)  - - - - 852,910 863,588 NA 852,994 825,805 NA
Per cent change         1.2 1.3 NA 3.7 4.1 NA
Employment
  Monthly:
2018 Sep
Monthly:
2018 Oct
Monthly:
2018 Nov
Monthly:
2018 Dec
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Employment (000's) 7,261 7,264 7,284 7,301 7,221 7,264 7,283 7,242 7,128 7,242
Net New Jobs (000's)  36.1 2.5 20.2 17.6 33.9 42.8 19.2 114.3 128.4 114.4
Per cent change 0.5 0.0 0.3 0.2 0.5 0.6 0.3 1.6 1.8 1.6
Unemployment Rate (per cent)  5.9 5.6 5.6 5.4 5.7 5.7 5.5 5.6 6.0 5.6
Average Weekly Wage Rate ($), nsa  1,007.81 1,003.92 996.83 1,001.41 1,007.28 1,004.23 1,000.72 1,001.69 967.44 1,001.74
Per cent change 2.8 3.1 1.8 1.5 4.7 3.5 2.1 3.5 0.9 3.5
Employment Insurance Beneficiaries (regular) 115,700 111,400 NA NA 119,820 118,790 NA 124,604 134,548 NA
Per cent change −3.4 −3.7 NA NA −3.0 −0.9 NA −11.2 −3.8 NA
Consumers
  Monthly:
2018 Sep
Monthly:
2018 Oct
Monthly:
2018 Nov
Monthly:
2018 Dec
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Retail Sales ($ millions) 19,063 19,281 NA NA 55,615 56,966 NA 184,458 216,318 NA
Per cent change 0.4 1.1 NA NA 0.8 2.4 NA 4.3 7.7 NA
New Motor Vehicle Sales (units), nsa 75,116 68,526 63,899 NA 262,188 230,209 NA 810,285 857,155 NA
Per cent change −4.5 0.7 −6.4 NA 0.2 0.7 NA 0.9 4.3 NA
Consumer Price Index (CPI), nsa 135.2 135.6 135.1 135.0 135.0 135.7 135.2 135.0 131.9 135.0
Per cent change 2.2 2.5 1.8 2.3 2.3 2.8 2.2 2.4 1.7 2.4
Housing
  Monthly:
2018 Sep
Monthly:
2018 Oct
Monthly:
2018 Nov
Monthly:
2018 Dec
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Housing Starts (000's)  78.0 91.1 85.6 70.5 76.3 69.8 82.8 76.0 79.1 78.7
Per cent change 21.4 16.8 −6.1 −17.6 −12.6 −8.5 18.6 1.0 5.6 −0.5
MLS Home Resales (units)  16,824 16,453 15,923 15,545 45,965 50,457 47,921 190,830 221,114 190,830
Per cent change −0.6 −2.2 −3.2 −2.4 −1.1 9.8 −5.0 −13.7 −9.9 −13.7
Business
  Monthly:
2018 Sep
Monthly:
2018 Oct
Monthly:
2018 Nov
Monthly:
2018 Dec
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Manufacturing Sales ($ millions)  26,554 26,732 NA NA 79,130 79,816 NA 263,897 304,855 NA
Per cent change 0.6 0.7 NA NA 2.0 0.9 NA 3.9 1.9 NA
International Merchandise Exports ($ millions), nsa  16,264 18,344 17,963 NA 52,397 48,656 NA 186,469 199,309 NA
Per cent change 4.7 12.1 3.5 NA −1.3 6.5 NA 1.8 −3.0 NA
International Merchandise Imports ($ millions), nsa 29,332 31,023 29,803 NA 92,177 88,555 NA 326,209 346,926 NA
Per cent change 4.1 9.4 0.1 NA −0.5 4.4 NA 2.1 4.0 NA
Wholesale Trade ($ millions)  32,238 32,992 NA NA 96,551 96,902 NA 323,499 377,719 NA
Per cent change −0.2 2.3 NA NA −0.3 0.4 NA 3.2 8.2 NA
Non-residential Building Permits ($ millions)  1,102 1,091 1,066 NA 3,287 3,208 NA 12,478 14,764 NA
Per cent change 2.7 −0.9 −2.3 NA −7.8 −2.4 NA −9.8 23.8 NA
Private and Public Investment ($ millions) - - - - - - - - 68,519 73,897
Per cent change - - - - - - - - 6.5 7.8

* 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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