Recovery Moves Forward Despite Troubles in Agriculture: Manitoba’s Two-Year Outlook

This annual 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.

Document Highlights

Following the impact of the drought on agricultural production, and other trade-related challenges, Manitoba’s real GDP will expand 3.9 per cent this year—down from 5.7 per cent in our last outlook.

Manitoba’s labour market has been recovering at a faster than anticipated rate. The province currently holds the lowest unemployment rate in Canada, at 5.3 per cent.

Thanks to a gradual lifting of restrictions last summer, employment in the hard-hit accommodation and food services sector has expanded by 20 per cent since June 2021.

Mostly fuelled by a robust population growth, residential investment will remain elevated throughout the near term.