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RBC: Manitoba’s 2012 economy to grow third fastest

By: Staff Writer

Monday, Sep. 10, 2012 at 12:05 PM | Comments: 0

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Healthy agricultural commodity prices and a rebound in production after two wet years is good economic news for the province.

Manitoba was the only provincial economy to get an upgrade from the latest Royal Bank of Canada economic forecast for both 2012 and 2013, thanks to healthy agricultural commodity prices and a rebound in production after two very wet years.

The RBC is now forecasting growth in Manitoba’s gross domestic product (GDP) of 3.3 per cent in 2012 and 3.2 per cent in 2013 compared to forecasts of 2.1 per cent growth for Canada in 2012 and 2.4 per cent in 2013.

The economic growth in Manitoba that RBC is forecasting is very strong compared to the 1.1 per cent growth recorded in 2011.

But RBC economists say on-going uncertainties in export markets and stalled ag commodity production last year has kept manufacturing expectations lower in Manitoba for 2012.

But even there the RBC economists expect a bit of a rebound in 2013.

The bank is forecasting Manitoba’s economy to the third fastest growing in 2012 and fourth in 2013.

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