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
Significant population gains, thanks to the continued influx of immigrants, will maintain the solid economic growth seen on the Island over the last few years.
The surge in new residents will continue to create demand for new housing on the Island, bolstering the construction industry that will see another year of double-digit growth.
In addition to new permanent residents, temporary visits to the Island are expected to grow, as P.E.I. remains a popular destination for tourism.
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 this significant surplus, all eyes will be on Budget 2019 (to be released this spring), as it will mark the final budget before the upcoming election in October. The government will have the fiscal wiggle room to potentially introduce voter-friendly measures such as tax cuts or new spending initiatives.
There are no reviews yet.