ontario economy update

Find out more about how we use your information in our Privacy Policy and Cookie Policy. Given that the automotive industry is twice as concentrated in Ontario compared to the rest of Canada, there is little doubt that the economy will be heavily impacted. Over 25 percent of exports are automobiles, threatening Ontario’s economic leadership in the face of trade and political uncertainties. Even though programs such as the Ontario Chamber of Commerce’s Global Growth Fund or Export Development Canada offer export assistance across both sectors to Ontario businesses, these tend to focus on the goods-producing sector over services, perpetuating the dominance of manufactured goods in the export market. SUBSCRIBE AND FOLLOW . A single NAICS code within the manufacturing sector, the automobile and light duty motor vehicle manufacturing industry accounted for nearly one-quarter of Ontario’s exports in 2017.
As mentioned above, the manufacturing sector accounts for about 58 percent of Ontario’s exports despite being just over a fifth of the total economy. To reduce the dominance of a few, large industries, focus should turn to the quickly growing services sector.

Table 2.1: Ontario’s Fiscal Plan; Table 2.2: Summary of 2019–20 Revenue Changes since the 2019 Budget (Exhibit 4). Vous utilisez un navigateur désuet qui n’est plus accepté par Ontario.ca. Today, a Minister’s Zoning Order was made at the request of …

Of the goods and services that leave the province, only 27 percent are slated for interprovincial trade compared to 34 and 44 percent for Québec and British Columbia, respectively (Exhibit 2). Unemployment held steady at 4.9 percent in June, but was accompanied by a seven-cent loss in real median hourly wages. Statistics Canada’s latest release of economic indicators shows that Ontario’s momentum continues forward, albeit at a slower pace. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. Provincial Update: Ontario Helps Boost Economy and Create Jobs in Durham Region. While it may be foolish to fight fire with fire when it comes to imposing tariffs against the US, there are unilateral actions Ontario can – and must – take to safeguard its economic growth. To diversify exports and increase prosperity, the province must focus on its strengths in services. While these industries’ exports are increasing, when compared to goods-producing industries, they are only a small fraction of overall exports. Under such a scenario, 2019 growth could be reduced by 2 percentage points with one in five manufacturing jobs at risk. British Columbia and Québec, likewise, have dominant industries, however the imbalance is not to the same degree as that found in Ontario. Arguably the single best initiative, and one the institute has advocated for on several occasions, is to expand into markets here at home and to use this opportunity to tackle two persistent problems at once. This status can be attributed to strong specialization in the domestically-focused services sector and the export-oriented manufacturing sector. Manufacturing - especially in the automotive sector - may have been the economy’s forte in the past, but the entrance of developing markets and new supply chains are making it increasingly difficult for Ontario to compete in this domain. Posted On November 2, 2020. This is where Ontario’s advantages can become its weakness: While relative strengths are capitalized upon domestically, the relatively smaller manufacturing sector makes up the bulk of exports. It is therefore all the more imperative that the export of services be encouraged – not only to increase provincial GDP but in order to remain internationally competitive. Provincial Outlook. The government revised the projection upward in a fiscal update provided Wednesday at the provincial legislature.

Ontario's unemployment rate for the core working age (25-54) has risen 0.3 percentage points to 4.9 percent since the start of Q1 2018, the highest among our peer provinces.

Ontario economy Ontario budget deficit projected to jump to $38.5 billion in 2020-2021 The government revised the projection upward in a fiscal update provided Wednesday at the provincial legislature.
This has been an issue for some decades and now is the time to begin a new initiative to standardize regulations between provinces. Ontario is much more dependent than Québec or British Columbia (Ontario’s peer provinces) on a few US export markets. Whether intentional or not, Ontario’s preference for few specialized goods exported to select trading partners via well-established industries and supply chains has helped make the province Canada’s manufacturing hub. One study estimates that reducing external interprovincial trade costs by 10 percent can increase Ontario’s real GDP by 1.8 percent. Ontario's Progressive Conservative government presented their first pandemic-era budget Thursday. Quarterly forecasts of the economic prospects for each provincial economy including forecast detail tables and key provincial comparisons.

Exports drive economic growth and yet, despite Ontario’s domination of total Canadian export volume, the province has very few export partners. Economic Update Takeaways: Ontario's unemployment rate for the core working age (25-54) has risen 0.3 percentage points to 4.9 percent since the start of Q1 2018, the highest among our peer provinces.

Ontario Economy.

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