Provincial Outlook Economic Forecast: Ontario—Autumn 2019

The Conference Board of Canada, 21 pages, January 10, 2020
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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 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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