Gross Domestic Product (GDP) by Industry
Gross Domestic Product (GDP) by Industry, 2019
This annual release of Gross Domestic Product (GDP) by Industry by Statistics Canada provides current measures of Gross Domestic Product by Industry, at the provincial and territorial level.
On June 1, 2020 Statistics Canada released preliminary Provincial Gross Domestic Product (GDP) by Industry data for 2019. The P.E.I. GDP for all industries in chained 2012 dollars was valued at $6,052 million in 2019, an increase of 4.5 per cent over 2018. This was the twelfth straight year of growth and the highest growth rate among provinces for the second consecutive year, ahead of Newfoundland and Labrador (4.0 per cent) and British Columbia (2.8 per cent). The only jurisdictions to see declines were Northwest Territories (-8.8 percent), Saskatchewan (-0.8 per cent), and Alberta (-0.6 per cent). By this measure, the P.E.I. economy grew by 2.8 per cent in 2018 and by 4.4 per cent in 2017. The last time PEI saw sustained economic growth at comparable levels was the late 1990’s.
Nationally, real GDP by industry rose 1.7 per cent in 2019. Diagram 1 shows GDP by Industry growth for Canada and the Provinces for 2019.
Table 1 shows GDP By Industry growth by province and territory since 2015.
|Newfoundland and Labrador||-1.1||1.5||0.4||-3.3||4.0|
|Prince Edward Island||1.4||2.1||4.4||2.8||4.5|
Prince Edward Island
Real GDP expanded 4.5 per cent in 2019, the highest growth among provinces for the second consecutive year, following 2.8 per cent growth in 2018. Good producing industries increased 7.5 per cent, outpacing service industry growth, which was 3.5 per cent. Growth was broad based with 19 of 20 industry groups recording higher output.
Goods production increased 7.5 per cent in 2019. Gains in the goods production sector was led by a 13.1 per cent increase in construction and an 8.8 per cent increase in agriculture, forestry, fishing and hunting. Manufacturing increased by 3.9 per cent, while utilities increased by 2.3 per cent.
Construction increased for the fourth consecutive year, rising by 13.1 per cent in 2019. This was largely due to a 27.7 per cent increase in residential construction, the result of rapid population growth since 2015. Engineering construction increased by 7.2 per cent, boosted by an 11.8 per cent increase in transportation engineering construction. Non-residential building construction declined slightly by 0.5 per cent.
Agriculture, forestry, fishing and hunting increased by 8.8 per cent in 2019, following a decline of 0.7 per cent in 2018. Record setting lobster landings and strong prices contributed to a 10.0 per cent increase in fishing, hunting and trapping. Crop and animal production saw a 7.9 per cent increase, rebounding from challenging growing conditions in 2018.
Manufacturing increased for the ninth consecutive year in 2019, led by increases in pharmaceutical and medicine manufacturing (13.6 per cent), aerospace product and parts manufacturing (10.0 per cent, and seafood product preparation and packaging (10.2 per cent).
Continued strong population growth and another good tourism season contributed to growth in service producing industries. In 2019 the service sector increased by 3.5 per cent, following a 2.7 per cent increase in 2018. The increase was broad based, with 19 of 20 sectors seeing gains except in management of companies and enterprises (-7.6 per cent).
Increases in the services sector were led by real estate and rental and leasing (3.5 per cent), health care and social assistance (3.7 per cent), public administration (2.2 per cent), transportation and warehousing (6.4 per cent), educational services (3.3 per cent), and wholesale trade (8.1 per cent). Table 2 shows percentage growth by industry of the provincial economy from 2015 to 2019. Table 3 shows contribution to change by industry from 2015 to 2019.
Table 2, P.E.I. GDP BY INDUSTRY GROWTH
(constant chained 2012 dollars)
|Percentage Growth||Value (millions $)|
|Agriculture, Forestry, Fishing and Hunting||1.4||0.8||6.6||-0.7||8.8||394.4|
|Crop and Animal Production||-0.1||6.4||1.8||-1.7||7.9||262.3|
|Fishing, Hunting & Trapping||4.6||-9.6||15.8||1.3||10.0||105.4|
|Non-Residential Building Construction||-19.4||10.3||43.1||4.4||-0.5||95.9|
|Seafood Product Prep and Packaging||10.5||9.2||0.9||2.0||10.2||78.0|
|Aerospace product and parts manufacturing||20.3||6.2||-0.9||14.3||10.0||95.8|
|Transportation & Warehousing||4.7||4.4||7.2||3.8||6.4||213.0|
|Information & Culture||4.7||1.4||1.3||3.0||2.1||179.7|
|Finance and Insurance||2.0||2.3||2.3||2.1||4.0||312.1|
|Real Estate and Rental and Leasing||2.0||2.2||2.9||2.6||3.5||792.3|
|Professional, Scientific and Technical Services||6.1||5.8||3.4||0.8||3.2||173.2|
|Management of Companies and Enterprises||-1.9||-19.0||0.4||-4.4||-7.6||22.0|
|Administrative and Support, Waste Management and Remediation Services||-10.7||-15.0||-2.2||8.3||5.6||141.7|
|Health Care and Social Assistance||0.7||1.7||1.7||3.2||3.7||587.6|
|Arts, Entertainment and Recreation||-9.3||-3.4||3.9||3.0||5.8||61.6|
|Accommodation and Food Services||5.1||4.3||3.5||3.5||4.5||195.6|
|Other Services (except Public Administration)||0.9||-0.1||3.3||-2.0||2.8||123.3|
Note: the sum of the chained values for each component of an aggregate does not equal the chained value of the aggregate.
Table 3, P.E.I. GDP BY INDUSTRY, CONTRIBUTION TO CHANGE
|Contribution to Change (percentage points)|
|Agriculture, Forestry, Fishing and Hunting||0.092||0.051||0.473||-0.055||0.653|
|Crop and Animal Production||-0.005||0.268||0.074||-0.065||0.302|
|Fishing, Hunting & Trapping||0.081||-0.220||0.400||0.038||0.330|
|Non-Residential Building Construction||-0.292||0.116||0.518||0.073||-0.007|
|Seafood Product Prep and Packaging||0.120||0.114||0.010||0.025||0.129|
|Aerospace product and parts manufacturing||0.244||0.090||-0.014||0.186||0.145|
|Transportation & Warehousing||0.155||0.149||0.258||0.142||0.245|
|Information & Culture||0.143||0.045||0.037||0.078||0.051|
|Finance and Insurance||0.108||0.123||0.123||0.111||0.210|
|Real Estate and Rental and Leasing||0.264||0.286||0.371||0.327||0.439|
|Professional, Scientific and Technical Services||0.166||0.171||0.105||0.024||0.094|
|Management of Companies and Enterprises||-0.014||-0.112||0.002||-0.021||-0.037|
|Administrative and Support, Waste Management and Remediation Services||-0.310||-0.377||-0.046||0.160||0.114|
|Health Care and Social Assistance||0.076||0.184||0.182||0.335||0.393|
|Arts, Entertainment and Recreation||-0.098||-0.031||0.033||0.027||0.059|
|Accommodation and Food Services||0.152||0.128||0.109||0.109||0.139|
|Other Services (except Public Administration)||0.021||-0.001||0.068||-0.040||0.056|
Source: Table 36-10-0402-01 Gross domestic product (GDP) at basic prices, by industry, provinces and territories (x 1,000,000), released June 1, 2020.
Related downloads for this release:
Annual GDP By Industry Report PDF (157KB)