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.
A rebound in goods-producing sectors will push real GDP growth to 4.2 per cent in 2022 and 2.9 per cent in 2023.
Manitoba’s labour market is red-hot, with the province hitting its lowest-ever unemployment rate in July.
Rapid inflation and rising interest rates will cause the consumption of goods to drop, but spending on services will more than make up for the shortfall.
Housing starts will keep on increasing this year and remain high over our forecast period, continuing to bring investment to the province.
