Document Highlights
Growth in Winnipeg’s economy will improve to 4.0 per cent in 2022, up from last year’s modest 2.7 per cent recovery from the pandemic-induced recession.
Real GDP growth in 2021 was muted by the severe drought that hit the province’s agriculture sector hard, including Winnipeg’s agri-businesses.
Though the province did see some flooding in May of this year, overall better weather and stronger prices have helped fuel a recovery in agriculture for 2022, boosting the city’s overall economic activity.
Winnipeg’s aerospace industry, one of the city’s key sectors, has suffered as a result of reduced air travel and plant shutdowns. With COVID-19 restrictions now dropped in most of the world, we expect the aerospace industry will regain some footing over the coming years.
High inflation and rising interest rates will dampen consumer spending this year and into 2023.
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