Provincial Outlook Economic Forecast: Prince Edward Island—Autumn 2019
The Conference Board of Canada, 21 pages,
January 10, 2020
This quarterly economic forecast for the province of Prince Edward Island examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
- Strong population gains are the main reason why growth in Prince Edward Island’s economy has outpaced the national average since 2015.
- A large influx of new citizens is driving growth in housing demand, which in turn is bolstering the residential construction and transportation sectors.
- Manufacturing continues to be one of the Island’s most consistently positive stories, with growth expected to be solid again over the next two years.
- For the second year in a row, the province’s budget surplus came in much higher than expected, providing plenty of policy options for the newly elected Progressive Conservative government.
- The inaugural budget presented by the minority government provided few surprises and was mostly in line with the previous Liberal budget. However, the government’s new capital plan contains a large increase over last year’s investment plan.