Ontario Economic Update

As of January 17, 2020

Economy
  Monthly:
2019 Sep
Monthly:
2019 Oct
Monthly:
2019 Nov
Monthly:
2019 Dec
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Real Gross Domestic Product ($2007 millions) 790,509 795,130 NA 789,887 778,518 NA
Per cent change 0.8 0.6 NA 1.7 2.2 NA
Current Dollar Gross Domestic Product ($ millions)  888,181 898,665 NA 885,605 857,386 NA
Per cent change 2.1 1.2 NA 3.6 3.7 NA
Employment
  Monthly:
2019 Sep
Monthly:
2019 Oct
Monthly:
2019 Nov
Monthly:
2019 Dec
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Employment (000's) 7,519 7,503 7,518 7,544 7,429 7,473 7,522 7,453 7,242 7,453
Net New Jobs (000's)  41.1 −16.2 15.4 25.1 65.1 43.8 49.1 210.3 114.4 210.2
Per cent change 0.5 −0.2 0.2 0.3 0.9 0.6 0.7 2.9 1.6 2.9
Unemployment Rate (per cent)  5.3 5.3 5.6 5.3 5.5 5.5 5.4 5.6 5.6 5.6
Average Weekly Wage Rate ($), nsa  1,047 1,048 1,045 1,049 1,035 1,048 1,048 1,036 1,002 1,037
Per cent change 3.9 4.4 4.9 4.8 2.8 4.4 4.7 3.5 3.5 3.5
Employment Insurance Beneficiaries (regular) 120,190 121,030 NA NA 117,993 120,550 NA 121,675 120,384 NA
Per cent change 0.2 0.7 NA NA 3.3 2.2 NA −2.9 −10.6 NA
Consumers
  Monthly:
2019 Sep
Monthly:
2019 Oct
Monthly:
2019 Nov
Monthly:
2019 Dec
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Retail Sales ($ millions) 19,612 19,211 NA NA 58,112 58,721 NA 190,417 225,859 NA
Per cent change 0.5 −2.0 NA NA 2.8 1.0 NA 2.5 4.4 NA
New Motor Vehicle Sales (units), nsa 73,497 69,694 65,135 NA 248,313 229,603 NA 792,582 862,313 NA
Per cent change −2.2 1.7 1.9 NA −5.3 −0.3 NA −2.2 0.6 NA
Consumer Price Index (CPI), nsa 137.5 137.9 137.7 NA 137.8 138.3 NA 137.5 135.0 NA
Per cent change 1.7 1.7 1.9 NA 2.1 1.9 NA 1.9 2.4 NA
Housing
  Monthly:
2019 Sep
Monthly:
2019 Oct
Monthly:
2019 Nov
Monthly:
2019 Dec
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Housing Starts (000's)  85.1 74.0 65.0 57.4 68.2 78.7 65.9 67.9 78.7 69.0
Per cent change 1.0 −13.1 −12.2 −11.7 9.0 15.3 −16.3 −10.7 −0.5 −12.4
MLS Home Resales (units)  18,327 18,103 18,330 17,526 51,227 54,414 53,959 208,071 191,106 208,071
Per cent change 0.6 −1.2 1.3 −4.4 5.7 6.2 −0.8 8.9 −13.1 8.9
Business
  Monthly:
2019 Sep
Monthly:
2019 Oct
Monthly:
2019 Nov
Monthly:
2019 Dec
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Quarterly:
2019 Q4
Year
to Date*
Annual:
2018
Annual:
2019
Manufacturing Sales ($ millions)  26,518 25,705 NA NA 79,769 79,344 NA 265,127 315,506 NA
Per cent change 0.1 −3.1 NA NA 0.8 −0.5 NA 0.4 3.9 NA
International Merchandise Exports ($ millions), nsa  17,901 18,825 18,224 NA 53,886 51,506 NA 193,013 201,947 NA
Per cent change 10.1 2.5 0.7 NA 3.0 6.0 NA 3.6 1.3 NA
International Merchandise Imports ($ millions), nsa 29,862 31,476 29,890 NA 94,644 90,336 NA 335,334 354,769 NA
Per cent change 1.7 1.4 0.3 NA 2.6 1.8 NA 2.7 2.3 NA
Wholesale Trade ($ millions)  33,338 33,422 NA NA 98,685 100,649 NA 331,616 385,590 NA
Per cent change −0.4 0.3 NA NA 0.5 2.0 NA 3.0 2.5 NA
Non-residential Building Permits ($ millions)  1,294 1,338 1,170 NA 3,827 3,923 NA 14,130 13,380 NA
Per cent change −3.1 3.4 −12.5 NA 9.8 2.5 NA 13.7 −9.4 NA
Private and Public Investment ($ millions) 72,479 75,216
Per cent change 4.9 3.8

* 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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