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—Winter 2018
Provincial Outlook Economic Forecast: Ontario—Winter 2018
Provincial Economic Analysis
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- After posting solid 3.0 per cent growth in 2017, Ontario will continue to be an engine of growth in Canada in 2018, as 2.1 per cent growth is projected.
- A $14 minimum wage in 2018 alongside tightening labour conditions will take some steam out of Ontario’s labour market.
- A rebound in investment is expected both in non-residential structures and in machinery and equipment, while Ontario’s moderating housing market will lead to a decline in residential investment in 2018.
- The provincial government’s balanced operating budget and higher-thanexpected revenues have spurred program spending. However, Ontario’s softening outlook and rising interest rates will require prudent spending past 2018 if Ontario is to shrink its ever-growing debt.
- Limited room to expand production coupled with a lack of capital investment among goods-producing industries will weigh on international exports.
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