Gross Domestic Product (GDP) by Industry

Gross Domestic Product (GDP) by Industry, 2023

This annual release of Gross Domestic Product (GDP) by Industry by Statistics Canada provides current measures of Gross Domestic Product by Industry, at the provincial and territorial level.

Overview

On November 7, 2024 Statistics Canada released revised Provincial Gross Domestic Product (GDP) by Industry data for 2021, 2022 and 2023. 

The P.E.I. GDP for all industries in chained 2017 dollars was valued at $7.3 billion in 2023, an increase of 2.1 per cent over 2022. This was revised down from the preliminary estimate (released in May 2024) of 2.2 per cent. Nunavut led all jurisdictions in GDP by Industry growth at 3.8 per cent growth, followed by British Columbia (2.4 per cent) and Saskatchewan and Alberta (2.3 per cent). 

By this measure the P.E.I. economy grew by 8.0 per cent in 2021 (revised down from 8.4 per cent) and grew by 4.6 per cent (revised up from 3.0 per cent) in 2022. 

Table 1 shows GDP by Industry growth by province and territory since 2019.

Table 1, GDP BY INDUSTRY GROWTH, CHAINED 2017 DOLLARS, PROVINCES AND TERRITORIES

Prince Edward Island

Real GDP by Industry increased 2.1 per cent in 2023 following an increase of 4.6 per cent in 2022. Good producing industries decreased 1.6 per cent, while service producing industries expanded 3.5 per cent. Increases were recorded in 14 of the 20 major industry groups.

Goods

Goods production decreased 1.6 per cent in 2023. Agriculture, forestry, fishing and hunting saw a decrease of 4.8 per cent, construction decreased 10.5 per cent, and manufacturing grew by 5.9 per cent.

Agriculture, forestry, fishing and hunting contracted by 4.8 per cent in 2023. This follows growth of 29.1 per cent in 2021 and 7.0 per cent in 2022. Crop production declined by 7.5 per cent, consistent with lower potato production by weight in 2023. Fishing, hunting and trapping decreased 0.5 per cent, due in part to lower lobster landings in 2023 as compared to 2022.

Construction decreased for the second consecutive year, falling by 10.5 per cent in 2023. Residential construction fell 18.5 per cent, while non-residential building construction contracted by 8.6 per cent. Engineering construction decreased 0.4 per cent in 2023.

Manufacturing expanded by 5.9 per cent in 2023. This follows a 7.9 per cent increase in 2022. Chemical manufacturing led the way, rising by 14.6 per cent, with pharmaceutical and medicine manufacturing increasing 13.7 per cent. Transportation equipment manufacturing increased 9.6 per cent, driven by an 11.1 per cent increase in aerospace product and parts manufacturing. Food manufacturing increased by 4.1 per cent, due to an 8.0 per cent increase in seafood product preparation and packaging. Fruit and vegetable preserving and specialty food manufacturing grew by 3.7 per cent, while dairy product manufacturing declined by 0.4 per cent and meat product manufacturing grew by 3.4 per cent in 2023.

Services

The service sector increased by 3.5 per cent in 2023, following 4.7 per cent growth in 2022, with twelve of the fifteen major service industries recording increases. Arts, entertainment and recreation continued with strong post-pandemic growth of 15.2 per cent in 2023, following growth of 28.2 per cent in 2022 and 9.5 per cent respectively in 2021. Other notable increases in the services sector were in other services (except public administration) (10.5 per cent), public administration (5.7 per cent), retail trade (4.5 per cent), and professional, scientific and technical services (4.5 per cent). Management of companies and enterprises (-34.8 per cent) and wholesale trade (-7.6 per cent) were the two service sectors posting declines in 2023, while transportation and warehousing was unchanged.

Table 2 shows percentage growth by industry of the provincial economy from 2019 to 2023. Table 3 shows contribution to change by industry from 2019 to 2023.

Table 2, P.E.I. GDP  BY INDUSTRY GROWTH

(constant chained 2012 dollars)

Note: the sum of the chained values for each component of an aggregate does not equal the chained value of the aggregate.

Table 3, P.E.I. GDP  BY INDUSTRY, CONTRIBUTION TO CHANGE

Source: Statistics Canada.
Table 36-10-0402-01 Gross domestic product (GDP) at basic prices, by North American Industry Classification System (NAICS), provinces and territories, annual (dollars)
Table 36-10-0434-03 Gross domestic product (GDP) at basic prices, by industry, annual average

 

Related downloads for this release:

Annual GDP By Industry Report PDF (157KB)