P.E.I. looks into effects on economy during the 2020 pandemic year
Beachgoers pause for photos at the Greenwich peninsula portion of Prince Edward Island National Park in Greenwich, Prince Edward Island on Tuesday, Aug. 29, 2017. (THE CANADIAN PRESS/Andrew Vaughan)
HALIFAX -- The Prince Edward Island government has released a summary of the province's economy during the 2020 pandemic year.
The annual statistical review shows that while the COVID-19 pandemic had a significant impact on various sectors of the economy, there were some successes, including:
- labour income increased by 1.9 per cent
- farm cash receipts increased by 7 per cent and valued an all-time high of $604.7 million
- lobster landings reached 38.9 million pounds, valued at $166.2 million
- retail sales increased by 1.4 per cent
- international exports increased by 0.9 percent to reach $1.5 billion
Finance Minister Darlene Compton says Island businesses have worked hard to adapt to change and uncertainty.
"We will continue to work with every sector to ensure our economy grows and prospers," said Compton. "As we begin to re-open our province, we know that Islanders will be there to support and lead our economy to pre-pandemic levels.”