We're about growth
The economy in Prince Edward Island is changing dramatically. While primary industries continue to be mainstays of the economy, innovative people, practices and companies are finding novel ways to use our human and natural resources. Strategic sectors such as Aerospace, ICT, Financial Services, and Bioscience are growing rapidly. Some Economic Facts about PEI:
- GDP for Prince Edward Island increased at a record 2.4 percent in 2016, following 1.3 and 1.4 percent increases in 2015 and 2014.
- As of July 1, 2016, Prince Edward Island’s population is estimated to be 148,629. This represents an increase of 1,913 persons since July 2015, or 1.3 per cent growth. This is the fastest growth rate in the Atlantic region.
- International exports increased 1.6% year-over-year to reach $1.32 billion, the sixth consecutive annual increase.
- The value of manufacturing shipments increased by 5.1%, to reach a new all time high of $1.7 billion.
- Average weekly wages grew 2.3 percent in 2016, the second fastest growth amongst provinces.
- The economic outlook for 2017 growth is forecast in the range of 1.3 per cent.
*Statistics provided by Statistics Canada and the Economics, Statistics and Federal Fiscal Relations Division of the Department of Finance and Municipal Affairs, Province of Prince Edward Island.