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Attention Business Editors
The worst is over for Manitoba's economy: RBC Economics
Revival expected in the mining, agriculture and manufacturing sectors
TORONTO, March 11 /CNW/ - Manitoba's economy is set to rise by 2.5 per
cent in 2010 and four per cent in 2011, as a projected revival in the mining,
agriculture and manufacturing sectors takes effect, according to the most
recent RBC Economic report.
"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, senior
vice-president and chief economist, RBC. "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 report noted that a recovery in base metal prices has paved the way
for increased investment in mineral extraction. In addition, a rise in global
growth should boost manufacturing activity in the production of transportation
and machinery equipment. This strength, along with an expected recovery in
grain production, will make up for an expected drop in capital spending.
The RBC Economics Provincial Outlook assesses the provinces according to
economic growth, employment growth, unemployment rates, retail sales and
housing starts.
The full report and provincial details are available online as of 8 a.m.
EST today www.rbc.com/economics/market/pdf/provfcst.pdf.
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/For further information: Paul Ferley, RBC Economics Research, (416)
974-7231; Robert Hogue, RBC Economics Research, (416) 974-6192; Matt
Gierasimczuk, RBC Media Relations, (416) 974-2124/
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