The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Manitoba is expected to outperform the rest of the country this year in economic growth with the strongest increase since 2000, Industry, Economic Development and Mines Minister Jim Rondeau has announced. "The broad-based growth we have experienced in 2004 shows our economic strategy is working," said Rondeau. "We expect to outperform the rest of the country this year with strong domestic growth of 3.3 per cent and an increase of 3.6 per cent in international exports. This bodes well for the economic future of our province and for Manitobans." The Manitoba Bureau of Statistics (MBS) report indicates gross domestic product (GDP) growth of three per cent. This is above the expected Canadian growth rate of 2.9 per cent and an increase over the 1.4 per cent growth of 2003. MBS projects this performance will continue with overall economic growth of approximately 2.6 per cent in 2005. Manitoba's population has increased by 8,716 people in the last 12 months which represents the largest increase since 1986. The robust population growth has led to increased expenditures on consumer goods and services, and housing. It's expected housing starts in the province will surpass 4,000 for the second consecutive year. In 2004, housing investment is expected to grow by 13.4 per cent, nearly double the 7.4 per cent increase in 2003. MBS also projects: Labour income growth will grow by 3.9 per cent, above the 3.3 per cent increase last year. Personal income after taxes will increase by four per cent, nearly double the 2.2 per cent increase of 2003. The manufacturing sector will grow by 5.6 per cent, with notable strength in food, primary metals, chemical products and wood manufacturing. The construction sector will increase by 6.7 per cent, buoyed by growth in the housing market. The agriculture sector will decrease 2.8 per cent in economic output. Modest growth is expected to return in 2005. As a result of increasing metallic commodity prices, the mining sector will post growth of 6.5 per cent. The retail sector will grow by 3.7 per cent as increased real estate activity contributes to brisk sales in household furniture and appliances. The minister also noted Manitoba's strong economic performance in a wide range of economic indicators such as retail trade, average weekly earnings capital investment and business and consumer bankruptcies. "Manitoba ranks in the top two and three provinces for many of the economic indicators," said Rondeau. "So far this year, we have the best performance in average weekly earnings, farm cash receipts and consumer and business bankruptcies. We have the second best growth in housing starts, retail trade and unemployment rate." Exports, construction and capital investment are among the top three performers.
