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.
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Since the Atlantic bubble was suspended in November, P.E.I. has truly been an island, cut off from the rest of Canada for non-essential travel. While public health restrictions have dampened the economic recovery, they have, more importantly, led to low case counts and zero deaths or hospitalizations. This leaves the province poised for a speedy recovery throughout the back half of 2021 and into 2022.
In Isolation Leaves Province Poised for Quick Recovery: Prince Edward Island’s Two-Year Outlook, we forecast that domestic visitors will return in a big way as public health measures are relaxed, providing an essential boost to tourism industries that were hardest hit during the pandemic. The P.E.I. government will continue to be an essential source of stability—Budget 2021 supports small business and kept spending elevated. Overall, provincial GDP should rebound quickly, growing 5.7 per cent this year and 3.4 per cent next year.
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