Conference Board ranks PEI among fastest-growing economies

Prince Edward Island will be among the nation’s economic growth leaders this year, positioning the province to set a new strategic path for continued growth, jobs and prosperity.

In its report Provincial Outlook: Winter 2015, the Conference Board of Canada ranked Prince Edward Island first in Atlantic Canada and No. 4 among provinces in projected GDP growth, behind only British Columbia, Manitoba, and Ontario. At 2.6 per cent in 2015 and 2.5 per cent in 2016, the province’s GDP is predicted to grow faster than the national average.

The driving forces behind Prince Edward Island’s 2015 growth are lower gasoline prices and a drop in the Canadian dollar, which the report says will boost employment and household income. Statistics Canada recently reported that employment grew by 1,000 jobs in January. The lower dollar will promote tourism to the Island and bolster our exports sector, while a projected surge in housing starts should improve the construction industry, the report notes.

“The Prince Edward Island economy is poised to pick up strongly this year and next,” the report states. “These projections of solid growth are even more impressive given that they come at a time when the government continues to keep a tight rein on spending as it attempts to balance its books on schedule.”

(Source:  PEI government news release)