Economy of Manitoba - Modern Economy

Modern Economy

Manitoba has a moderately strong economy based largely on natural resources. Its Gross Domestic Product was C$50.834 billion in 2008. The province's economy grew 2.4% in 2008, the third consecutive year of growth. The average individual income in Manitoba in 2006 was C$25,100 (compared to a national average of C$26,500), ranking fifth-highest among the provinces. As of October 2009, Manitoba's unemployment rate was 5.8%.

Manitoba's economy relies heavily on agriculture, tourism, energy, oil, mining, and forestry. Agriculture is vital and is found mostly in the southern half of the province, although grain farming occurs as far north as The Pas. Around 12% of Canadian farmland is located in Manitoba. The most common agricultural activity is cattle farming (34.6%), followed by assorted grains (19.0%) and oilseed (7.9%). Manitoba is the nation's largest producer of sunflower seed and dry beans, and one of the leading sources of potatoes. Portage la Prairie is a major potato processing center, and is home to the McCain Foods and Simplot plants, which provide French fries for McDonald's, Wendy's, and other commercial chains. Can-Oat Milling, one of the largest oat mills in the world, also has a plant in the municipality.

Manitoba's largest employers are government and government-funded institutions, including crown corporations and services like hospitals and universities. Major private-sector employers are The Great-West Life Assurance Company, Cargill Ltd., and James Richardson and Sons Ltd. Manitoba also has large manufacturing and tourism sectors. Churchill's Arctic wildlife is a major tourist attraction; the town is a world capital for polar bear and beluga whale watchers. Manitoba is the only province with an Arctic deep-water seaport, which links to the shortest shipping route between North America, Europe and Asia.