Province delivers fall fiscal update
Today, Finance Minister Darlene Compton delivered the fall fiscal and economic update to inform Islanders of the financial state of the province and the economic outlook for 2022.
The province showed signs of significant recovery through the second quarter of 2021, thanks to higher than anticipated revenues, effective public health measures and lower than anticipated expenses related to COVID-19. The 2021 Fall Fiscal and Economic Update shows a revised deficit of $60.6 million forecasted for 2021-2022, which represents a significant improvement compared to the deficit plan of $112.2 million outlined in the Spring 2021 Operating Budget.
“The last 19 months may go down as some of the most difficult months in our Island’s history, but by making the safety of people a priority through public health measures, Islanders have been able to get out and support our local economies. By working together, we have put our Island in an enviable position, and I look forward to continuing to work with Islanders to support the future of our Island.”
- Premier Dennis King
Prince Edward Island continues to lead the country in several key economic areas such as, population growth, retail and wholesale trade, and investments in building construction.
The province’s population grew by 2,989 since July of 2020. This brings the total population to 164,318, which exceeded the national growth rate for the sixth consecutive year.
Employment rates continues to recover, but this is an area that has been severely impacted by COVID-19. Employment is projected to improve as the province continues to adapt and introduce safety measures such as the PEI Vax Pass to keep the economy moving forward.
“This fall fiscal update and the recent release of the Public Accounts for 2020-2021 show that our economy is recovering as we move forward, adapt and continue to financially strengthen our province,” said Finance Minister Darlene Compton. “Islanders have played a huge part in mitigating the economic damage of the pandemic and as we look to re-building our economy, we must all stay diligent in our response to COVID-19 and continue to support our local communities and economies.”
Department of Finance