Province presents 2023-2024 fiscal update
Today, government released the fiscal and economic update that outlines the financial state of the province and the economic outlook for 2024.
The economic and fiscal update is an annual reflection provided after second quarter outlining what the provincial government expects its financial results to be by the end of the fiscal year, based on information known since the release of the operating budget in May 2023. The update also provides an economic outlook for 2024 and beyond.
The Province of PEI is predicting a $98.6 million deficit in 2023-2024, which is an increase of $1.0 million compared to the amount forecasted in the 2023 Operating Budget. Provincial revenues have grown by $25.7 million primarily due to increases in tax revenues of $7.5 million and federal transfers of $12.7 million, while expenditures are forecasted to increase by $26.7 million.
“We understand the last few years have been challenging for many. Today’s update is welcome news as it shows signs of economic recovery for Prince Edward Island. Between targeted supports government introduced to assist with affordability, and more Islanders supporting local, we continue to see positive impacts for our province as a whole."
- Finance Minister Jill Burridge
Prince Edward Island continues to lead the country in growth in several key economic areas, such as employment, retail sales, manufacturing shipments, and international exports. Continued strong population growth, a late-in-the-year rebound in construction activity, combined with the solid performance in the rest of the economy, is fueling economic growth in 2023.
Department of Finance