Annual Statistical Review showcases PEI’s resilience and growth in 2021

The Annual Statistical Review released today, provides an analysis of the province’s economic state, shows areas that continued to be affected by the COVID-19 pandemic, and highlights the re-emergence of PEI’s economy.

The 48th edition gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI. 

The data shows that while external factors such as the COVID-19 pandemic and trade restrictions on the agriculture sector did keep certain sectors and areas of the economy stagnant, there were some significant areas of growth and signs of rebound during another challenging year, including:

• labour income increased by 10.2 per cent;
• employment averaged 79,400, an increase of 3.5 per cent
• lobster landings reached 47.2 million pounds, valued at $370.9 million;
• retail sales increased by 19 per cent;
•  international exports increased by 12.5 percent to reach $1.7 billion.

“Looking at our province’s economic performance over the past year, I am extremely proud of our Island businesses and resident’s ability to learn, adapt and grow from the effects of the global pandemic. We have learned plenty about the uncertainly that is accompanied with a pandemic, and while we continue to feel the effects, I know that the resilience of Islanders coupled with our government supports will continue to lead our provincial economy to further growth and success."

- Minister of Finance Darlene Compton

Backgrounder

Highlights of the 2021 Annual Statistical Review:

• 2021 GDP increased by 6.6 per cent (Real GDP By Industry)
• Island population as of July 1, 2021 was 164,318, an increase of 1.9 per cent over 2020 and the highest growth among provinces
• Employment averaged 79,400, an increase of 2,700 over 2020 or 3.5 per cent
• Unemployment rate averaged 9.2 per cent, a decrease of 1.2 percentage points over 2020
• Total labour income increased by 10.2 per cent
• Lobster landings reached 47.2 million pounds, valued at $370.9 million
• Farm cash receipts valued $568.1 million, a drop of 1.4 per cent compared to 2020
• The All-Items Consumer Price Index for PEI showed inflation was 5.1 per cent in 2021
• Retail sales increased by 19.0 per cent
• Housing starts totaled 1,267, an increase of 2.2 per cent
• New motor vehicle sales in 2021 numbered 7,861 and valued $308.7 million
• International exports increased by 12.5 percent, to reach $1.7 billion
   

Media contact:    
Kip Ready
Department of Finance
902-314-3407
kjready@gov.pe.ca