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Manitoba was hit hard by a record drought last summer, crippling its agricultural sector and likely leading to serious repercussions for Winnipeg's economic recovery during the second half of 2021. As a result, the city's GDP grew by an estimated 4.6 per cent last year, lower than the 5.9 per cent forecast in our previous forecastsh. Still, the city's diverse economy helped cushion the shock. Winnipeg outlook Indicators (Winnipeg CMA) 2019 2020 2021 2022f Real GDP* $42,962 $40,924 $42,922 $44,626 Population 844,000 850,000 855,000 861,000 Total employment 441,000 426,000 444,000 454,000 Unemployment (%) 5.4 8.9 6.8 5.3 Household income per capita $46,723 $49,698 $50,412 $51,116 Retail sales ($ millions) $13,004 $12,928 $14,830 $14,568 Consumer price index 136.4 137.2 141.5 147.5 2021e represents estimate data | 2022f represents forecast data | *Gross Domestic Product 2012 $ millions Real measures of GDP by industry are calculated for individual industries and then aggregated to arrive at total economic growth. The monthly gross domestic product (GDP) by industry data are chained volume estimates with 2012 as their reference year. This means that the estimates for each industry and aggregate are obtained from a chained volume index multiplied by the industry's value added in 2012. Source: Conference Board of Canada, Major City Insights, Statistics Canada - Winnipeg, March 2022 7 2021 ANNUAL REPORT