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 is expected to ease from 2.4 per cent in 2018 to 2.1 per cent in 2019 and then decelerate further to 2.0 per cent in 2020.
Following a sharp drop in residential home sales in 2018, housing starts will decline in 2019 before recovering over the forecast period, thanks to stillstrong demand.
Several large infrastructure projects are in the pipeline for Ontario over the medium term, keeping the construction sector busy across the province.
Government spending will be constrained as the province enters a period of spending cuts, weaker growth, and rising interest rates.
Trade will contribute little to growth over the forecast as falling vehicle sales in the U.S. and the closing of GM’s Oshawa operations will cut into Ontario’s auto exports.
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