Ontario Economic Update

As of March 22, 2019

Economy
  Monthly:
2018 Nov
Monthly:
2018 Dec
Monthly:
2019 Jan
Monthly:
2019 Feb
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 Nov
Monthly:
2018 Dec
Monthly:
2019 Jan
Monthly:
2019 Feb
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Employment (000's) 7,284 7,301 7,342 7,379 7,225 7,266 7,284 7,271 7,128 7,242
Net New Jobs (000's)  16.9 16.1 41.4 36.9 40.4 40.8 18.4 190.1 128.4 114.4
Per cent change 0.2 0.2 0.6 0.5 0.6 0.6 0.3 2.7 1.8 1.6
Unemployment Rate (per cent)  5.6 5.4 5.7 5.7 5.7 5.6 5.5 5.8 6.0 5.6
Average Weekly Wage Rate ($), nsa  996.83 1,001.41 1,005.23 1,016.36 1,007.28 1,004.23 1,000.72 1,010.79 967.44 1,001.74
Per cent change 1.8 1.5 1.6 2.4 4.7 3.5 2.1 2.0 0.9 3.5
Employment Insurance Beneficiaries (regular) 115,460 113,480 107,130 NA 119,820 119,320 114,163 143,740 134,548 119,823
Per cent change 1.7 −1.7 −5.6 NA −3.0 −0.4 −4.3 −13.5 −3.8 −10.9
Consumers
  Monthly:
2018 Nov
Monthly:
2018 Dec
Monthly:
2019 Jan
Monthly:
2019 Feb
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Retail Sales ($ millions) 18,889 18,732 18,541 NA 55,615 56,877 56,780 15,618 216,318 224,642
Per cent change −1.4 −0.8 −1 NA 0.8 2.3 −0.2 2.2 7.7 3.8
New Motor Vehicle Sales (units), nsa 63,899 51,965 45,791 NA 262,188 230,209 184,390 45,791 857,155 862,250
Per cent change −6.4 −4.3 −5.6 NA 0.2 0.7 −3.2 −5.6 4.3 0.6
Consumer Price Index (CPI), nsa 135.1 135.0 135.2 136.0 135.0 135.7 135.2 135.6 131.9 135.0
Per cent change 1.8 2.3 1.5 1.5 2.3 2.8 2.2 1.5 1.7 2.4
Housing
  Monthly:
2018 Nov
Monthly:
2018 Dec
Monthly:
2019 Jan
Monthly:
2019 Feb
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Housing Starts (000's)  86.2 70.8 75.1 58.8 76.3 69.8 82.8 8.5 79.1 78.7
Per cent change −5.8 −17.9 6.1 −21.8 −12.6 −8.5 18.6 −33.7 5.6 −0.5
MLS Home Resales (units)  16,466 16,225 16,914 14,472 45,105 49,514 49,156 21,389 218,698 189,605
Per cent change 0 −1.5 4.2 −14.4 −1.7 9.8 −0.7 2.2 −9.9 −13.3
Business
  Monthly:
2018 Nov
Monthly:
2018 Dec
Monthly:
2019 Jan
Monthly:
2019 Feb
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Year
to Date*
Annual:
2017
Annual:
2018
Manufacturing Sales ($ millions)  26,261 26,045 26,483 NA 79,130 79,678 78,925 25,452 304,855 315,174
Per cent change −1.3 −0.8 1.7 NA 2.0 0.7 −0.9 5.6 1.9 3.4
International Merchandise Exports ($ millions), nsa  17,969 15,585 NA NA 52,397 48,659 51,900 202,068 199,260 202,068
Per cent change 3.6 −3.1 NA NA −1.3 6.6 4.2 1.4 −2.8 1.4
International Merchandise Imports ($ millions), nsa 29,801 28,242 NA NA 92,230 88,683 89,086 354,705 346,848 354,705
Per cent change 0.2 3.6 NA NA −0.4 4.5 4.4 2.3 4.0 2.3
Wholesale Trade ($ millions)  32,273 32,127 32,398 NA 96,551 96,837 97,237 29,365 377,719 387,436
Per cent change −1.7 −0.5 0.8 NA −0.3 0.3 0.4 0.9 8.2 2.6
Non-residential Building Permits ($ millions)  1,072 1,164 1,183 NA 3,287 3,208 3,331 988 14,764 13,427
Per cent change −2.2 8.6 1.6 NA −7.8 −2.4 3.8 4.0 23.8 −9.1
Private and Public Investment ($ millions) 69,073 72,479
Per cent change 7.4 4.9

* 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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