Invest PEI - PEI Economy

Prince Edward Island’s Economy

The economy in Prince Edward Island is changing dramatically. While primary industries continue to be mainstays of the economy, innovative people, practices and companies are finding novel ways to use our human and natural resources. Strategic sectors such as Aerospace, ICT, Financial Services, and Bioscience are growing rapidly. Some Economic Facts about PEI:

Growth in real GDP for Prince Edward Island is estimated at 1.9 per cent for 2010.
Capital expenditures increased 4.9% in 2010.
Prince Edward Island had employment growth of 2.6% in 2010; this rate of growth was the second highest within Canada. Employment averaged 71,300 people in 2010.
As of July 1, 2010, Prince Edward Island's population is estimated to be 142,266. This represents a yearly increase of 1,169 persons, or 0.83 per cent growth.
While exports declined by 8.9 per cent in 2010, Export Development Canada forecasts that Prince Edward Island's exports will rebound in 2011 with growth of five per cent as the global economic recovery becomes more entrenched and prices in the agri-food sector strengthen.
Exports from the pharmaceutical and medical manufacturing industry grew by 10.4 per cent in 2010, making them the largest non-food export industry.
The value of the output from wind turbines has increased from $500,000 in 2001, to $38.9 million in 2010.
The economic outlook for 2011 is that growth will be moderate, at approximately 1.7 per cent.

Statistics provided by Statistics Canada and the Economics, Statistics and Federal Fiscal Relations Division of the Department of Finance and Municipal Affairs, Province of Prince Edward Island.