Ontario Economic Update

As of November 16, 2018

Economy
  Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Monthly:
2018 Oct
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Real Gross Domestic Product ($2007 millions) - - - - 712,160 718,192 NA 715,176 740,712 761,305
Per cent change         0.4 0.8 NA 2.1 2.3 2.8
Current Dollar Gross Domestic Product ($ millions)  - - - - 848,423 858,937 NA 853,680 792,932 825,805
Per cent change         0.8 1.2 NA 3.5 4.4 4.1
Employment
  Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Monthly:
2018 Oct
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Employment (000's) 7,305 7,225 7,261 7,264 7,187 7,221 7,264 7,227 7,000 7,128
Net New Jobs (000's)  60.6 −80.1 36.1 2.5 −20.5 33.9 42.8 118.8 76.4 128.4
Per cent change 0.8 −1.1 0.5 0.0 −0.3 0.5 0.6 1.7 1.1 1.8
Unemployment Rate (per cent)  5.4 5.7 5.9 5.6 5.5 5.7 5.7 5.8 6.5 6.0
Average Weekly Wage Rate ($), nsa  1,000.68 1,004.19 1,007.81 1,003.92 994.54 1,007.28 1,004.23 1,002.21 958.50 967.44
Per cent change 4.1 3.7 2.8 3.1 3.9 4.7 3.5 3.9 2.2 0.9
Employment Insurance Beneficiaries (regular) 120220 120430 NA NA 123,527 119,820 NA 136,088 139,924 134,548
Per cent change −0.5 0.2 NA NA −4.6 −3.0 NA −10.3 −5.7 −3.8
Consumers
  Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Monthly:
2018 Oct
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Retail Sales ($ millions) 18,882 18,930 NA NA 55,185 55,613 NA 145,866 200,886 216,318
Per cent change 0.1 0.3 NA NA 0.0 0.8 NA 4.3 6.9 7.7
New Motor Vehicle Sales (units), nsa 77,033 78,060 74,676 NA 185,463 262,188 229,769 677,420 821,762 857,155
Per cent change 2.4 4.5 −5.1 NA 5.3 0.2 0.5 1.6 5.5 4.3
Consumer Price Index (CPI), nsa 136.0 135.9 135.2 NA 133.9 135.0 135.7 134.9 129.7 131.9
Per cent change 3.1 3.1 2.2 NA 2.1 2.3 2.8 2.4 1.8 1.7
Housing
  Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Monthly:
2018 Oct
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Housing Starts (000's)  69.0 64.1 77.7 88.4 87.5 76.2 69.7 62.7 75.0 79.1
Per cent change −33.7 −7.0 21.2 13.8 16.3 −12.9 −8.5 1.4 6.8 5.6
MLS Home Resales (units)  16,835 17,002 16,925 16,551 45,605 45,407 50,762 167,773 245,811 221,374
Per cent change 5.5 1.0 −0.5 −2.2 −18.2 −0.4 11.8 −13.8 8.3 −9.9
Business
  Monthly:
2018 Jul
Monthly:
2018 Aug
Monthly:
2018 Sep
Monthly:
2018 Oct
Quarterly:
2018 Q1
Quarterly:
2018 Q2
Quarterly:
2018 Q3
Year
to Date*
Annual:
2016
Annual:
2017
Manufacturing Sales ($ millions)  26,963 26,534 26,696 NA 77,573 79,130 80,193 236,372 299,099 304,855
Per cent change 1.8 −1.6 0.6 NA 2.3 2.0 1.3 3.1 4.1 1.9
International Merchandise Exports ($ millions), nsa  15,820 16,522 16,250 NA 49,097 52,395 48,592 150,084 205,463 199,309
Per cent change 14.1 1.5 4.6 NA −3.3 −1.3 6.4 0.4 4.3 −3.0
International Merchandise Imports ($ millions), nsa 28,613 30,605 29,370 NA 84,721 92,243 88,589 265,552 333,649 346,926
Per cent change 6.9 2.4 4.2 NA 0.7 −0.4 4.4 1.5 2.5 4.0
Wholesale Trade ($ millions)  32,350 32,173 NA NA 96,859 96,582 NA 256,996 349,226 377,719
Per cent change 0.4 −0.5 NA NA 0.3 −0.3 NA 3.3 6.4 8.2
Non-residential Building Permits ($ millions)  1,034 1,075 1,093 NA 3,567 3,287 3,202 10,140 11,924 14,764
Per cent change −13.8 4.0 1.6 NA −9.2 −7.8 −2.6 −9.2 −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.

Page: 2160  |