Annual Statistical Review shows PEI economy continues to grow

The 50th Annual Statistical Review shows that PEI still has the fastest growing economy among provinces, second only to the territory of Nunavut, despite economic expansion slowing for the second consecutive year.

“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. 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.”

- Finance Minister Jill Burridge

Significant areas of growth and prosperity during 2023 include:

• PEI 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 Annual Statistical Review gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI, and includes over 100 data tables on various topics.

Media contact:
Janice Fogarty
Department of Finance
jefogarty@gov.pe.ca

Backgrounder

2023 Annual Statistical Review Highlights:

• 2023 GDP increased by 2.2 per cent (real GDP by industry). PEI’s GDP growth has exceeded national growth in seven of the last nine years
• Island population as of July 1, 2023, was 173,787, an increase of 3.9 per cent over 2022, the second highest growth among provinces and territories
• Employment averaged 89,000, a new all-time high. This was a record annual increase of 4,800, or 5.7 per cent. This marks the second consecutive year with record employment growth
• Unemployment rate averaged 7.3, a decrease of 0.3 percentage points over 2022 and the lowest annual rate on record
• Total labour income increased by 8.3 per cent
• 2023 lobster landings were 43.9 million pounds (down 1.1 per cent) and valued at $298.8 million (down 4.5 per cent) 
• Farm cash receipts increased 7.5 per cent over 2022 to reach a new all-time high of $814.8 million
• The All-Items Consumer Price Index for PEI showed inflation was 2.9 per cent in 2023, the lowest annual rate among provinces
• Retail sales increased by 4.1 per cent to reach an all-time high of $3.5 billion
• Housing starts totaled 1,139, a decrease of 13.6 per cent
• Investment in non-residential construction and machinery increased 16 per cent
• New motor vehicle sales in 2023 numbered 7,670 (up 13.9 per cent) and valued $370.2 million (up 29.3 per cent)
• International exports increased by 17.4 per cent, to reach $2.3 billion, a new all-time high
• Manufacturing shipments increased for the third consecutive year, rising 8.1 per cent to an all-time high of $3.3 billion