Numbers show successful year for PEI
The Annual Statistical Review, which provides a soci-economic analysis, shows that 2018 was another successful year for Prince Edward Island.
“The Annual Statistical Review is an important reference document that provides up-to-date, accurate and impartial statistics on the province,” said Finance Minister Darlene Compton. “The 2018 review confirms that our economy continues to be very successful, allowing government spending to focus on the priority areas that mean the most to Islanders like healthcare, education and poverty reduction.”
The 45th edition gathers data from provincial government departments, the private sector and Statistics Canada to provide a socio-economic snapshot of Prince Edward Island. The review includes information on a variety of topics, such as demography, labour, economic accounts, primary industry, manufacturing and more.
The data shows several successes for PEI including:
- economic growth of 2.6 per cent;
- employment growth of 3.1 percent;
- international export growth of 5 per cent; and
- housing starts increasing by 19.5 per cent.
“Prince Edward Island continues to succeed and we have hardworking Islanders and our thriving business community to thank,” said Minister Compton.
More information can be found at The Annual Statistical Review 2018. Current statistical information is available on the Department of Finance website under Economics and Statistics.
Department of Finance
Highlights of the 2018 Annual Statistical Review:
- 2018 economic growth of 2.6 per cent (Real GDP By Industry)
- Island population as of July 1, 2018 was 153,244, an increase of 1.8 per cent over 2017, the highest growth among provinces tied with Ontario
- Employment averaged 76,000, an increase of 2,300 over 2017 or 3.1 per cent
- Unemployment rate averaged 9.4, a decrease of 0.4 percentage points over 2017
- Total labour income increased by 4.0 per cent
- Lobster landings reached 38.7 million pounds, valued at more than $200 million
- Farm cash receipts valued $496 million, a decrease of 2 per cent
- The All-Items Consumer Price Index for PEI increased by 2.3 per cent
- Retail sales increased by 2.9 per cent
- Housing starts totaled 1,089, an increase of 19.5 per cent
- New motor vehicle sales in 2018 numbered 7,734 and valued $268.6 million
- International exports increased by 5 percent, to reach $1.4 billion