Provincial Outlook Economic Forecast: Manitoba—Summer 2019
The Conference Board of Canada, 51 pages,
August 24, 2019
This quarterly economic forecast for the province of Manitoba examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
- Following real GDP growth of 0.8 per cent in 2018, economic activity in Manitoba will remain modest this year and next, with real GDP expanding by 0.5 per cent in 2019 and 0.8 per cent in 2020. However, a pickup is expected beginning in 2021.
- Past interest rate hikes, slower population growth, and sluggish wage gains will lead to subdued growth in consumer spending this year.
- Large construction projects in the province are reaching completion this year and next, leading to lower levels of investment spending over the forecast.
- The agriculture and manufacturing industries will be sources of growth through the forecast period. However, mining activities in the province will be muted as a result of mine closures.
- Exports will grow more slowly as some of Manitoba’s key merchandise exports are being hurt by weaker global growth and trade tensions between Canada and China.