Vaccine Passport Holders Flock to the Island: Prince Edward Island’s Two-Year Outlook
The Conference Board of Canada, 13 pages,
December 14, 2021
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.
- High vaccination rates in Prince Edward Island have prevented any major outbreaks from occurring on the Island, allowing the province to progress quickly through its reopening plan.
- The introduction of the vaccine passport, along with the United States border reopening, will be a major boon for the Island’s tourism industry.
- The provincial government’s balance for 2020–21 came in significantly better than initially expected. This should enable the government to continue to be a positive source of growth.
- The government also upgraded its capital plan over the medium term, with significant gains that will bolster the construction sector.
- P.E.I. is now in recovery mode, with real GDP expected to grow 6.5 per cent in 2021 and 3.6 per cent in 2022 before settling back to 1.9 per cent in 2023.
Table of Contents
Prince Edward Island Snapshot
Tourism Ready for Lift-Off
Manufacturing Back to Solid Growth
Construction Bolstered by Infrastructure and Population
Federal and Provincial Governments Make a Deal
Capital Budget Outlook Revised Upwards Again