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.
Document Highlights
Real GDP growth of 1.6 per cent is expected for 2019 and 1.7 per cent for 2020.
Ontario’s labour market was off to a solid start in 2019, but tightening labour market conditions will constrain job growth over the rest of the forecast.
Business investment will not perform well this year, but a pickup in both residential and non-residential investment is projected in 2020.
Government spending will be limited as the province enters a period of spending cuts in an effort to improve the province’s fiscal situation.
Trade will be a negligible contributor to Ontario’s real GDP growth over the forecast, as a muted outlook for U.S. vehicle demand will curb the province’s motor vehicle and parts exports.
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