ontario gdp 2020

Construction output was 12.5% lower, as both non-residential structures and engineering (−13.7%) and residential construction (−10.8%) declined. Output in both service-producing (−11.2%) and goods-producing In March the Canadian dollar declined to around 70 cents U.S. before recovering to around 76 cents U.S. in early September. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Economy The oil price has since gained to around $40 U.S. per barrel in early September. “Our government has spent months consulting with communities across the province on how to respond best to COVID-19 to ensure we protect, support and respond,” said Smith, Minister of Children, Community and Social Services. "Gross Domestic Product (GDP) of Canada in August 2020, by industry (in million chained 2012 Canadian dollars)." and over 1 Mio. Its fiscal year began on April 1. Ontario real GDP declined 12.4% in the second quarter of 2020, following a 1.8% decrease in the first quarter. [18], The decline in farm population is partly driven by consolidation of the agricultural industry. Revised Statutes of Ontario: text of "Mining Act", https://en.wikipedia.org/w/index.php?title=Economy_of_Ontario&oldid=986202280, Creative Commons Attribution-ShareAlike License, This page was last edited on 30 October 2020, at 12:19. Transportation equipment In Saskatchewan, there was an employment change of −12.7% between February and recent low (April), an employment change of +8.4% between recent low and August relative to February employment, and a net employment change of −4.3% between February and August. More recently, there has been a strong recovery in a number of key indicators. This unemployment rate is based on the 447,400 unemployed people in Ontario. Goods sector output declined by The horizontal bar chart illustrates the per cent change in real GDP by industry for the second quarter of 2020. The change in output of each manufacturing industry is as follows: transportation equipment (−49.4%); textile, clothing and leather (−31.9%); primary and fabricated metal (−29.8%); plastic and rubber (−24.9%); machinery (−23.6%); other manufacturing (−20.1%); wood and furniture (−19.3%); electrical and electronic (−15.0%); paper and printing (−14.6%); chemical and petroleum (−11.3%); and food, beverage and tobacco (−9.1%). [7][8] As of 2018, the province's credit rating ranged from AA-negative (Moody's) to A+-stable (S&P). This chart shows the U.S. unemployment rate in per cent from January 2016 to September 2020. in Alberta, Ontario and Nova Scotia. The horizontal bar chart shows the 2020 percentage change in employment from February to recent low, the percentage change in employment from recent low to August relative to February employment, and the net percentage change in employment from February to August for each province and the Canadian total.  Home resales were fairly stable in the second half of 2019 averaging around 18,100 units per month.  After edging down to the 17,800 range in January, Ontario home resales increased by 19.2% in February to 21,150 units, before declining sharply in March and April. Ontario’s real GDP is projected to decline by 6.5 per cent in 2020 and rise by 4.9 per cent in 2021. The province has a number of controlled-access highways with the 400-Series highways which run primarily west to east from Michigan and New York state through the Greater Toronto Area to Quebec and facilitate trade with the United States. Quebec has experienced real GDP growth over the entire period, with the exception of the first and second quarters of 2020. Real GDP by industry has grown over the entire period, except the second (−0.4%) and fourth (−0.2%) quarter of 2016 and the first two quarters of 2020. TORONTO (Reuters) - Ontario, Canada’s most-populous province, said on Thursday it would spend more on healthcare and support for the economy during the coronavirus crisis, as it projected a record budget deficit for 2020-21 and additional shortfalls over future years. The mining industry in Ontario produces more than 30 different metal and non-metal mineral products, and is responsible for a major percentage of Canada's nickel, gold, copper and platinum-group metals production. [17] By way of contrast, in 1931, 800,960 Ontarians lived on farms. Ontario.ca The first quarter of 2017 recorded the strongest gain over the period, at 1.3%. Declines of 0.1% were recorded in the second and third quarter of 2017. Despite these gains, employment in service-producing industries was 374,200 below February 2020 while construction (−63,300) and manufacturing (−34,300) employment was also below February levels. The unemployment rate rose to 14.7% in April before easing down to 8.4% in August and 7.9% in September. Contact Us, Second Quarter of 2020 Corporate solution including all features. Ontario, which is Canada’s industrial and manufacturing heartland, forecast a deficit of C$38.5 billion ($29.5 billion) in the current fiscal year, matching an August forecast, a budget document showed.   Having experienced the pandemic earlier than the rest of the world, China’s economy grew 11.5% in the second quarter after declining 10.0% in the first quarter. You only have access to basic statistics. The U.S. has experienced real GDP growth over the entire period, with the exception of the first two quarters of 2020. Table 7: Ontario Deflators, Table 8: Ontario Gross Domestic Product (Income-Based) The bar chart shows Ontario’s quarterly growth of employee compensation in per cent from the first quarter of 2016 to the second quarter of 2020. All indices have recovered strongly with S&P 500 rising above its March peak. Notable declines were also recorded in primary and fabricated metal (−29.8%) and machinery (−23.6%). In Ontario, there was an employment change of −15.3% between February and recent low (May), an employment change of +8.9% between recent low and August relative to February employment, and a net employment change of −6.4% between February and August. Output declined in goods-producing industries (−16.5%), with industry changes as follows: manufacturing (−23.3%); construction (−12.5%); primary industries (−6.7%); and utilities (−1.3%). Statista. This article lists Canadian provinces and territories by gross domestic product (GDP).. Real GDP declined 12.3% and nominal GDP decreased 13.3% in the quarter. As economies started to reopen, all provinces experienced a recovery in jobs2; by August 2020, employment had recovered by more than 50% in every province.

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