Pre-Budget Consultations for the 2024-25 Operating Budget are now closed
The challenges of high interest rates and inflation continue to impact the overall economy – and the construction sector in particular – though pressures are beginning to moderate. Despite these challenges, Prince Edward Island has continued to have a solid economic performance so far this year. Some examples:
- Real GDP growth on the Island was 2.9% in 2022, the fastest growth east of Ontario.
- As of July 1, 2023, PEI’s population was 173,787, a new all-time high. At a rate of 3.9 per cent (6,599 persons), Prince Edward Island had the fastest annual rate of growth for the province on record.
- Employment on Prince Edward Island has increased 4.6 per cent (3,900 persons) on a year-to-date basis through September, the fastest growth amongst provinces.
- The pace of inflation has been moderating on the Island through 2023, increasing 3.4 per cent on a year-to-date basis through September.
- The value of manufacturing shipments and exports have grown 12.6 per cent and 20.2 per cent respectively through August, the fastest growth amongst provinces.
- After a slow start to the year Prince Edward Island saw the second-highest third quarter for housing start on record.
Government is now working on plans for the 2023-2024 operating budget for the province. The budget estimates how much money government might bring in during the year – and how much it expects to spend on programs and services for Islanders.