One of the country’s leading economic forecasters has bumped up its growth projections for Manitoba for this year.
The Conference Board of Canada is now forecasting real gross domestic product (GDP) growth of 2.1 per cent — fourth best among the provinces. That’s three-tenths of a percentage point higher than what it was forecasting in March, when it’s last quarterly forecast was released.
However, the board is a little less optimistic about Manitoba’s prospects for 2015, saying it now expects to see real GDP growth of 2.8 per cent instead of the country-leading 3.0 per cent it was forecasting in March.
The new growth projection for next year places it third behind Alberta (3.1 per cent) and British Columbia (2.9 per cent).
"Manitoba’s economy has performed well over the past few years. Although the growth hasn’t been as strong as in the other Western provinces, Manitoba has still managed to post solid gains in a number of sectors — in particular, in the housing sector and the real estate industry," the Ottawa-based think-tank said.
"With the government committing more money to infrastructure spending, the province will see stable economic growth of 2.1 per cent this year. An acceleration of investment, both public and private, and strong growth in the mining industry will propel real GDP growth to 2.8 per cent next year."
Nationally, the board is also forecasting real GDP growth of 2.1 per cent for Canada for this year, followed by 2.6 per cent growth in 2015.