Bright Outlook Ahead Despite Inflationary Concerns: Prince Edward Island’s Three-Year Outlook

The Conference Board of Canada, 15 pages, September 14, 2022
Issue Briefing
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This three-year economic forecast for Prince Edward Island examines the economic outlook for the province, including gross domestic product, output by industry, and labour market conditions.

Document Highlights

  • Interprovincial and international migration has helped the Island’s population growth to exceed expectations.
  • CPI (consumer price index) inflation continues to run red-hot, though there are signs that it is slowing down.
  • The tourism industry is set for a busy year after a two-year pause. Still, worries remain that tourists could scale back their summer travel and spending due to high gas prices.
  • Both the federal and P.E.I. governments are funding two projects to expand rural Internet in the province, which will broaden public access to essential resources.
  • Healthcare spending by the provincial government is expected to accelerate over the coming years with a focus on areas such as mental health and addiction services.
  • The economy is forecast to grow by 3.7 per cent this year, followed by expansions of 1.7 per cent in 2023 and 1.9 per cent in 2024.

Table of Contents

Key Findings
Prince Edward Island Snapshot
Overview
Labour Markets
Government
Potatoes
Tourism
Construction and Investment
Methodology

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