FAO RELEASES ONTARIO ECONOMIC MONITOR
TORONTO, November 14, 2024 – Today, the Financial Accountability Office of Ontario (FAO) released a report which provides an overview of the latest trends in the Ontario economy from April to September 2024.
Ontario’s economic activity measured by real Gross Domestic Product (GDP) increased by a slow 0.3% in the second quarter of 2024, with gains in business investment and government expenditures partially offset by declines in household spending, residential investment and exports.
The latest economic indicators suggest mixed results for Ontario’s economy in the third quarter of 2024, with gains in employment and retail and wholesale trade, but weakness in housing starts, manufacturing sales and exports.
Ontario’s economic performance over the first three quarters of 2024 suggests that there is modest upside risk to the FAO’s current forecast for growth in both real GDP of 1.1% and nominal GDP of 4.3% in 2024.
To learn more, read the full report here.
Quick Facts:
- Employment in Ontario rose by 54,200 (or 0.7%) in 2024 Q3, moderating from the strong job gains in 2024 Q2 (80,900, or 1.0%).
- Ontario’s unemployment rate rose for the sixth consecutive quarter, reaching 6.9% in 2024 Q3, the highest since mid-2021.
- The CPI inflation rate in Ontario has declined significantly since mid-2022 and was 2.3% in 2024 Q3, with shelter inflation remaining elevated at 5.2%.
- Housing starts in 2024 Q3 totalled 20,600 units in Ontario, a 16.9% decline from the 24,800 units started in 2023 Q3.
About the FAO:
Established by the Financial Accountability Officer Act, 2013, the Financial Accountability Office of Ontario (FAO) provides independent analysis on the state of the Province’s finances, trends in the provincial economy and related matters important to the Legislative Assembly of Ontario.
Visit our website or follow us on X and LinkedIn for more information on our reports.
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For further information, please contact:
Sophia Zhu | 416 931 5498 | SZhu@fao-on.org | fao-on.org
