Brighter Days Ahead: Manitoba’s Two-Year Outlook
The Conference Board of Canada, 14 pages,
June 15, 2022
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.
- Manitoba’s real GDP grew by just 1.2 per cent in 2021, pulled down by drought in the agricultural sector and low or no growth in other important industries.
- The next two years will be brighter for the province, with real GDP growing by 5.4 per cent in 2022 and 3.0 per cent in 2023.
- In the third quarter of last year, employment in Manitoba surpassed its pre-pandemic levels, and the labour market will stay red hot as employment in the services sector ramps up this year.
- Inflation will outpace wage growth and disposable incomes this year. Real consumption of goods will drop, but spending on services will more than make up for the shortfall.
- Housing starts will continue to increase this year—defying national trends, bringing more investment to the province.
Table of Contents
Income and Consumption