P.E.I. sees fastest growing economy among provinces, record-high employment average in 2023: report

Traffic travels on the Confederation Bridge across the Abegweit Passage of the Northumberland Strait in Borden-Carleton, P.E.I., Friday, May 3, 2024. THE CANADIAN PRESS/Darren Calabrese

Prince Edward Island had the fastest growing economy and a record-high employment average in 2023, according to a new report.

The province released its 50th Annual Statistical Review Friday, which shows in 2023 the Island still had the fastest growing economy among provinces, second only to the territory of Nunavut, despite economic expansion slowing for the second consecutive year.

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“We are marking 50 years of reporting to Islanders what they need to know to make more informed decisions on the businesses they run, the programs and services they offer, the communities they live in and more through the Annual Statistical Review," said Finance Minister Jill Burridge in a news release Friday.

"Data included in each Review also helps inform government decisions on programs and initiatives aimed at building a brighter, bolder, and better future for our province.”

Significant areas of growth and prosperity during 2023 include:

• P.E.I. population increased by 3.9 per cent to total 173,787 as of July 1, 2023
• employment averaged an all-time high of 89,000, with a record annual increase of 5.7 per cent
• total labour income increased 8.3 per cent
• farm cash receipts reached an all-time high of $814.8 million, an increase of 7.5 per cent
• retail sales increased by 4.1 per cent, to a record $3.5 billion
• international exports increased by 17.4 percent to $2.3 billion, a new all-time high

The province says the review includes data gathered from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of P.E.I.

It also includes more than 100 data tables on various topics.

For more Prince Edward Island news visit our dedicated provincial page.