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Province Leads National Economy On Several Fronts, According To Year-End Stats

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GDP, Manufacturing, Construction Work Above National Average, Job Growth Continues: Selinger

Manitoba’s economy continued strong growth in 2006, leading the national economy on many fronts, Finance Minister Greg Selinger announced today.

 

“Our economy is strong and despite the high Canadian dollar, impressive gains have been made in the manufacturing sector,” said Selinger. “Construction work, total exports and capital investment are also leading the country.”

 

According to year-end statistics Manitoba is leading the country in the following economic performance indicators:

·         Manufacturing capital investment is up 60.8 per cent, compared to 3.4 per cent nationally. In the last 12 months, the number of jobs increased by 3,100 in this sector or 4.7 per cent.

·         Construction work increased 24.1 per cent, compared to seven per cent nationally.

·         Total exports increased 15.1 per cent, compared to 1.6 per cent nationally.

·         Capital investment is up 14.6 per cent, compared to 6.1 per cent nationally.

 

Economic forecasts have set Manitoba’s gross domestic product (GDP) growth in 2006 at
3.1 per cent, above the Canadian rate of 2.8 per cent.

 

Selinger also noted that an average of 6,700 more jobs were created in 2006 compared to 2005. Of the jobs created, more than 80 per cent have been private sector jobs. Over the last seven years, Manitoba’s full-time employment has grown by an annual average of 5,140 jobs. This is a 135 per cent improvement over the period of 1990 to 1999 when it was only 2,190 jobs.  In December, Manitoba’s unemployment rate also went down to 4.1 per cent, third best in the country.

 

“We’ve had strong economic growth this year and we expect the economy to continue to be strong in 2007,” said Selinger, who noted the GDP is expected to be above the national average in 2007.