Document Hightlights:
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.
