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November 7, 2006 ECONOMIC PERFORMANCE REPORT RELEASED– – –Province's GDP Expected to be Above National Average: Selinger The Manitoba Bureau of Statistics today released The Manitoba Economy Projected 2006 Performance which predicts Manitoba’s gross domestic product (GDP) for 2006 will be above the national average.
Manitoba’s real GDP is projected to be 3.2 per cent for 2006, up from the 2.9 per cent real growth recorded in 2005. The 3.2 per cent would place Manitoba above the national growth rate, which forecasters are projecting to be 2.9 per cent.
“Manitoba’s diversified economy continues its solid performance,” said Finance Minister Greg Selinger. “The level of economic activity is above the national rate, taxes continue to be reduced, the debt is down $151 million, more young people are staying in Manitoba and the economy created 7,700 new jobs in the last 12 months.”
Economic growth in 2006 is led by a rebound in crop production and continued strength in residential and non-residential construction. As well, high commodity prices helped spur expanded production in the mining, oil and gas sector, while overall spending benefited from low interest rates and good income growth.
Overall business investment is also projected to rise to 8.6 per cent in 2006. This follows two solid years of growth in 2004 and 2005 which saw investment increase nine per cent and 6.8 per cent respectively.
“With Manitoba’s growing economy and a reduction in taxes, Manitobans have more money in their pockets,” said Selinger. “The report shows that personal disposable income is projected to rise 5.1 per cent in 2006, reaching $26.9 billion.”
Selinger said he was pleased to see that Statistics Canada noted the strength of the Manitoba economy in terms of the value of building permits. The federal agency reported that, for the first nine months of 2006, the value of building permits increased by 22.4 per cent. This is the third-strongest increase in the country and nearly four times the national increase of 7.8 per cent.
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