Searching for Prince Edward Island's best industrial spaces for rent? Explore the listings above and find what you need.Prince Edward Island (PEI) is one of the smallest provinces in Canada, but it has a vibrant economy that comprises a diverse range of industries. According to Statistics Canada, in 2019 the total population of PEI was 172,707,(https://www.princeedwardisland.ca/en/information/finance/pei-population-report-quarterly)
and the labour force totaled 100,000. Agriculture and fisheries have traditionally been among the most important industries in the province, and in 2019 accounted for about 11.3% of the province's Gross Domestic Product (GDP).
The service sector is another major industry in the province, accounting for over 70.7% of the province's GDP in the same year. This includes retail and wholesale trade, transportation and storage services, professional services, real estate and rental, and finance and insurance. Manufacturing is also an important part of the economy, making up 11.2% of GDP in 2019, with a focus on food processing, aerospace, and information and communication technology.
The economy of PEI has seen steady growth in recent years, with GDP increasing by 6.6% in 2021. (https://www.statcan.gc.ca/o1/en/plus/1710-prince-edward-island-leads-provinces-economic-growth-fourth-time-five-years)
This growth was largely driven by the service sector, which saw a 3.4% increase in the same year. The manufacturing sector also saw a modest increase of 0.9%, while the agriculture and fisheries sector saw a decrease of 4.6%.
In terms of economic performance, PEI ranked last among all Canadian provinces in 2019, with a GDP per capita of $52,362 Ñ slightly lower than the national average of $65,651. (https://www.wikiwand.com/en/List_of_Canadian_provinces_and_territories_by_gross_domestic_product#GDP_and_per_capita_GDP,_2021) ) Despite this, the province's labor force participation rate was higher than the national average, at 68.3% compared to 66.4%. This suggests that PEI's economy is performing relatively well and is likely to continue to grow in the future.
In conclusion, the economy of PEI is made up of several key industries, including agriculture and fisheries, services, and manufacturing. The province has seen steady economic growth in recent years, and has a higher labor force participation rate than the national average. As such, PEI is well-positioned to continue to grow economically in the future.