Economy
Main article: Economy of Manitoba See also: List of companies based in ManitobaManitoba 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 percent in 2008, the third consecutive year of growth; in 2009, it neither increased nor decreased. 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 percent.
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 percent of Canadian farmland is in Manitoba. The most common type of farm found in rural areas 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.
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)