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RBC forecasts Manitoba GDP growth at 2.5 per cent
WINNIPEG — Manitoba will fall to the bottom half of the pack this year after leading the country in economic growth in 2009, according to the latest provincial forecast from Royal Bank of Canada.
The bank predicts Manitoba will tie Alberta for the sixth best gross domestic product (GDP) growth in the country this year, at 2.5 per cent. And it will follow that up with the fourth best performance in 2011, with four per cent growth.
"A diversified provincial economy and ongoing capital investment last year led to Manitoba being the only province in Canada to show economic growth in 2009, with a 0.2 per cent increase," said Craig Wright, RBC's senior vice-president and chief economist.
"However, with spending on a number of large projects winding down, overall capital spending in the province is expected to decrease in 2010. This will result in a more modest recovery compared to most other provinces and below the national growth rate of 3.1 per cent."
The bank said a recovery in base metal prices has paved the way for increased investment in mineral extraction in Manitoba this year. A rise in global growth should also boost manufacturing activity in the production of transportation and machinery equipment.
It said this strength, along with an expected recovery in grain production, will make up for an expected drop in capital spending.
murray.mcneill@freepress.mb.ca
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