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
Record population gains will continue to bolster economic growth on the Island, as a wave of immigration creates demand for new housing.
Housing starts will see a big gain in 2019 before cooling off in 2020, but construction activity will remain elevated over the same time frame.
In addition to new permanent residents, the number of temporary visitors to the Island is expected to continue to rise as P.E.I. remains a tourism hotbed.
Not only did the province recently confirm a surplus position in 2017–18 (after more than a decade in the red), the surplus was notably higher than expected at $74 million.
With a significant surplus in its back pocket, P.E.I. will face less pressure to reduce spending, a situation that is weighing down government consumption in other provinces that are in deficit positions.
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