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Solid Growth Expected Despite Inflation Remaining Red Hot: Prince Edward Island’s Two-Year Outlook The Conference Board of Canada, 14 pages, June 8, 2022 Issue Briefing

Solid Growth Expected Despite Inflation Remaining Red Hot: Prince Edward Island’s Two-Year Outlook

The Conference Board of Canada, 14 pages, June 8, 2022
Issue Briefing

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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. Document Highlights The Island continues to have the highest consumer price index (CPI) inflation in the country. The tourism industry is headed for a busy year, but rising gasoline prices could dampen prospects. The Island’s population growth remains robust from strong international and within-Canada migration. The housing market looks to be slowing down (especially for first-time home buyers), as a result of inventory challenges and rising interest rates. However, the impact should not be significant as the province has a lower cost of housing compared with most of the country. The 2022–23 budget includes $137 million in new spending, which leaves the deficit at $92.9 million. Education and health saw the highest increases compared with the previous year. The economy is expected to grow by 3.6 per cent followed by 3.0 per cent in 2023. Table of Contents Key Findings Prince Edward Island Snapshot Overview Labour Markets Consumption Tourism Construction and Investment Government Methodology

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.

Document Highlights

The Island continues to have the highest consumer price index (CPI) inflation in the country.
The tourism industry is headed for a busy year, but rising gasoline prices could dampen prospects.
The Island’s population growth remains robust from strong international and within-Canada migration.
The housing market looks to be slowing down (especially for first-time home buyers), as a result of inventory challenges and rising interest rates. However, the impact should not be significant as the province has a lower cost of housing compared with most of the country.
The 2022–23 budget includes $137 million in new spending, which leaves the deficit at $92.9 million. Education and health saw the highest increases compared with the previous year.
The economy is expected to grow by 3.6 per cent followed by 3.0 per cent in 2023.

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

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