PEI economy continues to grow despite slowing expansion

The 50th Annual Statistical Review, released on July 5, 2024, shows that Prince Edward Island (PEI) maintains the fastest-growing economy among Canadian provinces, second only to Nunavut. Despite a slowdown in economic expansion for the second consecutive year, significant growth areas in 2023 include a 3.9% population increase to 173,787, a record-high employment average of 89,000 with a 5.7% increase, and an 8.3% rise in total labour income. Additionally, farm cash receipts hit an all-time high of $814.8 million, retail sales grew by 4.1% to $3.5 billion, and international exports surged by 17.4% to $2.3 billion.