Islanders continue to drive strong economy, provincial surplus
A strong economy with high employment and good fiscal management have led to a $56.9 million surplus in the 2018-19 fiscal year for the Province of Prince Edward Island.
“It is because of the strength of Islanders that we continue to experience a strong and healthy economy. It is important that we do what we can to build on that momentum for the long-term benefit of all Islanders.”
- Premier Dennis King
The province experienced positive growth across a number of key economic indicators in 2018 over the previous year, including:
- employment growth of 3.1 per cent – with a historically high number of Islanders working
- economic growth of 2.6 per cent
- international export growth of 5 per cent
With a strong economy, Government continues to invest in areas that are close to the hearts of Islanders – health care, education, housing and the environment. The 2019-20 Operating budget outlined nearly $200 million in new investments in these and other key areas.
“As a new government we are committed to responsive and responsible management of taxpayers’ dollars,” said Finance Minister Darlene Compton. “We appreciate that we are standing on a strong economic foundation from which we can build and grow our province through strategic investments, supporting programs and services that Islanders enjoy every day.”
The Province’s own source revenues – consisting of personal, corporate and sales tax revenue – accounted for more than 80 per cent of the budget surplus which will be applied to the overall provincial net debt, further reducing the financial burden on future generations of Islanders.
“Our population is growing. Rural and urban communities continue to foster innovation. New businesses are opening and existing businesses are expanding. More Islanders are working,” added Minister Compton. “We will continue to do well as a province by staying true to Islanders, true to recognizing the importance of putting people and communities at the heart of the investments and decisions that we make.”
Senior Communications Officer
Department of Finance