New numbers show PEI economy in good shape, driven by population and employment growth
The Annual Statistical Review, released today, shows that despite the challenges Prince Edward Island faced in 2022, such as a pandemic and a hurricane, the province continues to grow in many ways.
The 49th edition gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI. Over 100 data tables on various topics are included in the review, with new tables this year on labour productivity and tourism expenditures.
The data shows that while economic expansion slowed in 2022 with escalating housing pressures and high inflation, there were some significant areas of growth and prosperity during another challenging year, including:
- Population increased by 3.6 per cent
- Employment averaged 84,200, with a record increase of 5.4 per cent
- Total labour income increased 10 per cent
- Farm cash receipts reached an all-time high of $727.7 million, an increase of 36.7 per cent
- Retail sales increased by 8.3 per cent
- International exports increased by 17.2 percent to reach $2 billion.
“Current and accurate statistics are important to help inform government and the public on a wide variety of topics. This annual review shows us where we are as a province. What we can see from the 2022 data is that the Island is continuing to recover, while at the same time, we’re reaching new highs in areas such as employment, population, manufacturing and exports.”
- Finance Minister Jill Burridge
Media contact:
Hillary MacDonald
Department of Finance
902-394-6368
hpsmacdonald@gov.pe.ca