Ontario Economic Update

As of May 11, 2018

Economy
  Monthly:
2018 Jan
Monthly:
2018 Feb
Monthly:
2018 Mar
Monthly:
2018 Apr
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Year
to Date*
Annual:
2016
Annual:
2017
Real Gross Domestic Product ($2007 millions) - - - - 704,974 709,555 NA 703,833 685,008 703,833
Per cent change         0.3 0.6 NA 2.7 2.6 2.7
Current Dollar Gross Domestic Product ($ millions)  - - - - 829,575 841,457 NA 830,302 794,835 830,302
Per cent change         0.2 1.4 NA 4.5 4.3 4.5
Employment
  Monthly:
2018 Jan
Monthly:
2018 Feb
Monthly:
2018 Mar
Monthly:
2018 Apr
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Year
to Date*
Annual:
2016
Annual:
2017
Employment (000's) 7,173 7,189 7,199 7,209 7,149 7,207 7,187 7,099 7,000 7,128
Net New Jobs (000's)  -50.9 15.7 10.6 9.3 66.8 58.4 -20.5 118.3 76.4 128.4
Per cent change -0.7 0.2 0.1 0.1 0.9 0.8 -0.3 1.7 1.1 1.8
Unemployment Rate (per cent)  5.5 5.5 5.5 5.6 5.7 5.6 5.5 5.7 6.5 6.0
Average Weekly Wage Rate ($), nsa  989.67 992.55 1,001.41 1,008.07 970.17 979.93 994.54 997.92 958.50 967.44
Per cent change 3.9 3.7 4.0 4.6 1.0 2.5 3.9 4.1 2.2 0.9
Employment Insurance Beneficiaries (regular) 126,350 121,880 NA NA 133,373 129,807 NA 160,560 139,924 134,548
Per cent change -0.5 -3.5 NA NA 0.0 -2.7 NA -9.2 -5.7 -3.8
Consumers
  Monthly:
2018 Jan
Monthly:
2018 Feb
Monthly:
2018 Mar
Monthly:
2018 Apr
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Year
to Date*
Annual:
2016
Annual:
2017
Retail Sales ($ millions) 18,211 18,333 NA NA 54,261 55,207 NA 29,742 200,886 216,318
Per cent change 0.6 0.7 NA NA 0.6 1.7 NA 5.0 6.9 7.7
New Motor Vehicle Sales (units), nsa 48,483 55,744 NA NA 228,637 190,572 NA 104,227 821,762 857,155
Per cent change 4.8 6.5 NA NA 4.8 1.3 NA 5.7 5.5 4.3
Consumer Price Index (CPI), nsa 133.2 134.0 134.6 NA 132.0 132.3 133.9 133.9 129.7 131.9
Per cent change 1.8 2.1 2.4 NA 1.5 1.6 2.1 2.1 1.8 1.7
Housing
  Monthly:
2018 Jan
Monthly:
2018 Feb
Monthly:
2018 Mar
Monthly:
2018 Apr
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Year
to Date*
Annual:
2016
Annual:
2017
Housing Starts (000's)  84.3 106.3 74.9 69.9 85.7 75.2 87.7 22.9 75.0 79.1
Per cent change 28.0 26.2 -29.6 -6.6 22.4 -12.2 16.5 1.3 6.8 5.6
MLS Home Resales (units)  15,526 14,897 15,833 NA 49,209 55,768 46,256 37,981 245,870 222,231
Per cent change -20.2 -4.1 6.3 NA -10.8 13.3 -17.1 -29.7 8.5 -9.6
Business
  Monthly:
2018 Jan
Monthly:
2018 Feb
Monthly:
2018 Mar
Monthly:
2018 Apr
Quarterly:
2017 Q3
Quarterly:
2017 Q4
Quarterly:
2018 Q1
Year
to Date*
Annual:
2016
Annual:
2017
Manufacturing Sales ($ millions)  25,115 25,864 NA NA 73,481 75,030 NA 48,098 297,649 302,566
Per cent change -2.1 3.0 NA NA -5.0 2.1 NA 1.3 4.0 1.7
International Merchandise Exports ($ millions), nsa  16,184 15,085 17,722 NA 45,791 49,904 48,991 48,991 205,463 199,846
Per cent change -0.8 -5.4 -4.8 NA -8.1 -4.2 -3.7 -3.7 4.3 -2.7
International Merchandise Imports ($ millions), nsa 25,963 26,875 31,915 NA 84,805 85,329 84,753 84,753 333,649 346,678
Per cent change -0.7 1.6 1.5 NA 2.1 2.4 0.9 0.9 2.5 3.9
Wholesale Trade ($ millions)  32,661 32,316 NA NA 96,043 97,599 NA 57,388 348,870 381,301
Per cent change 0.6 -1.1 NA NA 1.4 1.6 NA 6.8 6.4 9.3
Non-residential Building Permits ($ millions)  1,240 1,222 1,147 NA 3,799 3,930 3,608 2,831 11,924 14,764
Per cent change -0.4 -1.4 -6.2 NA -2.5 3.5 -8.2 16.9 -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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