This quarterly economic forecast for the province of Ontario examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Provincial Outlook Economic Forecast: Ontario—Autumn 2019
Provincial Outlook Economic Forecast: Ontario—Autumn 2019
Provincial Economic Analysis
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- Real GDP is set grow by 1.6 per cent in 2019 and 1.5 per cent in 2020.
- Continued population growth in the province will provide a base of support for household demand over the forecast.
- Ontario’s labour market performed remarkably this year. Going forward, weaker growth in the province’s economy will slow the pace of hiring.
- Trade uncertainty and slowing economic growth in the U.S. and globally is hampering the goods sector, while some moderation is also forecast for the services sector.
- The province has entered a period of spending restraint in order to rein in its budget deficits. As such, the public sector will make a smaller contribution to Ontario’s economy over the forecast.
- Trade will contribute to Ontario’s growth again, as softness on the domestic front is expected to weigh on import volumes.
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