Province presents 2022-2023 Fiscal Update

The province is releasing the fiscal and economic update that outlines the financial state of the province and the economic outlook for 2023.

The Economic and Fiscal Update is an annual reflection provided after second quarter outlining what the Provincial Government expects its financial results to be by the end of the fiscal year, based on information known since the release of the Operating Budget in February 2022. The update also provides an economic outlook for 2023 and beyond.

“Today’s update is representative of our adaptive stance that we must take to ensure that our communities, economies and Islanders are supported through climate and economic pressures that continue to affect our day-to-day lives. Our province has worked with Islanders to be targeted in our response to inflationary pressures, and we continue to support our residents in a way that can build our communities in a fiscally responsible way that benefits our Island’s future.”

- Finance Minister Mark McLane

The Province of PEI is predicting a $94.8M deficit in 2022, which is a net increase of $1.9M from the 2022 Operating Budget tabled in February 2022. While there has been an increase in tax revenues, the Province has significantly invested in response programs including $89M to help Islanders cope with sudden increases to inflation and cost-of-living, as well as over $80M in supports to help rebuild communities and Island infrastructure post hurricane Fiona.

Prince Edward Island continues to lead the country in several key economic areas such as, population growth, retail and wholesale trade, and employment. The strong rebound in the Island tourism sectors combined with the solid performance in the rest of the economy, and robust population growth is expected to fuel economic growth in 2022 and to help guide and prepare the province for changes in the economic landscape in 2023, including continued increases in interest rates and inflationary pressures.

For more information on the 2022-2023 Fiscal and Economic update, visit Fiscal and Economic Updates.

Media contact:
Kip Ready
Department of Finance
kjready@gov.pe.ca

General Inquiries

Department of Finance
2nd Floor South, Shaw Building
95 Rochford Street
P.O. Box 2000
Charlottetown, PE, C1A 7N8

Phone: (902) 368-4040
Fax: (902) 368-6575

DeptFinance@gov.pe.ca