Ontario Economic Update

As of May 17, 2019

Economy
  Monthly:
2019 Jan
Monthly:
2019 Feb
Monthly:
2019 Mar
Monthly:
2019 Apr
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Year
to Date*
Annual:
2017
Annual:
2018
Real Gross Domestic Product ($2007 millions) 782,169 783,387 NA 778,412 761,305 778,412
Per cent change 0.6 0.2 NA 2.2 2.8 2.2
Current Dollar Gross Domestic Product ($ millions)  861,108 863,164 NA 854,272 825,805 854,272
Per cent change 1.2 0.2 NA 3.4 4.1 3.4
Employment
  Monthly:
2019 Jan
Monthly:
2019 Feb
Monthly:
2019 Mar
Monthly:
2019 Apr
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Year
to Date*
Annual:
2017
Annual:
2018
Employment (000's) 7,342 7,379 7,370 7,417 7,266 7,284 7,364 7,290 7,128 7,242
Net New Jobs (000's)  41.4 36.9 −8.8 47.1 40.8 18.4 79.4 191.3 128.4 114.4
Per cent change 0.6 0.5 −0.1 0.6 0.6 0.3 1.1 2.7 1.8 1.6
Unemployment Rate (per cent)  5.7 5.7 5.9 6.0 5.6 5.5 5.8 5.9 6.0 5.6
Average Weekly Wage Rate ($), nsa  1,005.23 1,016.36 1,021.36 1,025.10 1,004.23 1,000.72 1,014.32 1,017.01 967.44 1,001.74
Per cent change 1.6 2.4 2.0 1.7 3.5 2.1 2.0 1.9 0.9 3.5
Employment Insurance Beneficiaries (regular) 108,380 111,760 NA NA 119,320 114,680 NA 145,850 134,548 119,925
Per cent change −5.8 3.1 NA NA −0.4 −3.9 NA −10.5 −3.8 −10.9
Consumers
  Monthly:
2019 Jan
Monthly:
2019 Feb
Monthly:
2019 Mar
Monthly:
2019 Apr
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Year
to Date*
Annual:
2017
Annual:
2018
Retail Sales ($ millions) 18,545 18,815 NA NA 57,415 57,090 NA 30,488 216,318 225,859
Per cent change −1.2 1.5 NA NA 2.5 −0.6 NA 1.7 7.7 4.4
New Motor Vehicle Sales (units), nsa 45,791 52,821 81,225 NA 230,230 184,390 179,837 179,837 857,155 862,313
Per cent change −5.6 −5.2 −0.1 NA 0.7 −3.2 −3.1 −3.1 4.3 0.6
Consumer Price Index (CPI), nsa 135.2 136.0 137.0 137.4 135.7 135.2 136.1 136.4 131.9 135.0
Per cent change 1.5 1.5 1.8 1.9 2.8 2.2 1.6 1.7 1.7 2.4
Housing
  Monthly:
2019 Jan
Monthly:
2019 Feb
Monthly:
2019 Mar
Monthly:
2019 Apr
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Year
to Date*
Annual:
2017
Annual:
2018
Housing Starts (000's)  73.9 57.3 61.0 87.7 69.8 82.4 62.4 19.4 79.1 78.7
Per cent change 4.9 −22.5 6.6 43.8 −8.5 18.0 −24.2 −15.3 5.6 −0.5
MLS Home Resales (units)  16,914 15,087 15,660 16,508 49,514 49,156 47,661 59,003 218,711 189,595
Per cent change 4.2 −10.8 3.8 5.4 9.8 −0.7 −3.0 4.1 −9.9 −13.3
Business
  Monthly:
2019 Jan
Monthly:
2019 Feb
Monthly:
2019 Mar
Monthly:
2019 Apr
Quarterly:
2018 Q3
Quarterly:
2018 Q4
Quarterly:
2019 Q1
Year
to Date*
Annual:
2017
Annual:
2018
Manufacturing Sales ($ millions)  26,496 26,079 26,529 NA 79,789 79,297 79,103 76,935 303,565 315,506
Per cent change 1.2 −1.6 1.7 NA 1.3 −0.6 −0.2 1.6 1.8 3.9
International Merchandise Exports ($ millions), nsa  17,015 15,579 17,961 NA 48,691 52,074 50,556 50,556 199,260 202,228
Per cent change 5.4 3.3 0.7 NA 6.7 4.6 3.0 3.0 −2.8 1.5
International Merchandise Imports ($ millions), nsa 28,046 28,170 32,755 NA 88,672 89,082 88,971 88,971 346,848 354,667
Per cent change 8.0 4.7 2.9 NA 4.5 4.4 5.1 5.1 4.0 2.3
Wholesale Trade ($ millions)  32,421 33,095 NA NA 96,837 97,360 NA 57,980 377,719 387,436
Per cent change 0.5 2.1 NA NA 0.3 0.5 NA 2.3 8.2 2.6
Non-residential Building Permits ($ millions)  1,176 1,120 1,179 NA 3,214 3,320 3,475 2,884 14,764 13,380
Per cent change 1.9 −4.8 5.3 NA −1.9 3.3 4.7 1.5 23.8 −9.4
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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