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Recovery Hits a Speed Bump: Prince Edward Island’s Two-Year Outlook—April 2022 The Conference Board of Canada, 14 pages, April 1, 2022 Issue Briefing

Recovery Hits a Speed Bump: Prince Edward Island’s Two-Year Outlook—April 2022

The Conference Board of Canada, 14 pages, April 1, 2022
Issue Briefing

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This annual 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. Document Highlights Prince Edward Island’s first major outbreak since the beginning of pandemic occurred in late 2021, which likely hampered growth recently. But with the reopening already under way, the recovery should progress quickly. Tourism will play a big role in the recovery as international cruise ships return to the province for the first time in two years. An upgraded capital plan from the provincial government along with a new sports complex in Charlottetown will bolster the construction sector over this year and next. One hiccup that will dampen prospects is the recent export ban on P.E.I. potatoes. The manufacturing sector should avoid major impact however as frozen manufactured potato products are unaffected. This year and next should be solid for the Island, with real GDP expected to grow 2.5 per cent in 2022 and 3.4 per cent in 2023. Table of Contents Key Findings Prince Edward Island Snapshot Overview Manufacturing Avoids Setback Tourism Poised for Big Gains Capital Plan Lifts Construction Government Spending Set to Slow Budget 2022 Charts a Path for Recovery Methodology

This annual 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.

Document Highlights

Prince Edward Island’s first major outbreak since the beginning of pandemic occurred in late 2021, which likely hampered growth recently. But with the reopening already under way, the recovery should progress quickly.
Tourism will play a big role in the recovery as international cruise ships return to the province for the first time in two years.
An upgraded capital plan from the provincial government along with a new sports complex in Charlottetown will bolster the construction sector over this year and next.
One hiccup that will dampen prospects is the recent export ban on P.E.I. potatoes. The manufacturing sector should avoid major impact however as frozen manufactured potato products are unaffected.
This year and next should be solid for the Island, with real GDP expected to grow 2.5 per cent in 2022 and 3.4 per cent in 2023.

Key Findings
Prince Edward Island Snapshot
Overview
Manufacturing Avoids Setback
Tourism Poised for Big Gains
Capital Plan Lifts Construction
Government Spending Set to Slow
Budget 2022 Charts a Path for Recovery
Methodology

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