Provincial Outlook Economic Forecast: Ontario—Summer 2019

The Conference Board of Canada, 50 pages, August 24, 2019
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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 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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