The province experienced growth in several sectors of its economy and is on track to reach a balanced budget, Finance, Energy and Municipal Affairs Minister Wes Sheridan says.
“It is encouraging to see such a variety of industries experience banner years,” Minister Sheridan said. “Our multi-year fiscal plan remains on track, and we remain committed to returning to a balanced budget.”
Minister Sheridan today tabled the 2014 Fall Economic and Fiscal Updates that highlight some encouraging trends, including:
• Provincial GDP advanced 2 per cent in 2013 – private sector forecasts place 2014 real GDP growth in a range between .8 and 1.6 per cent;
• we were the only Atlantic Canadian province to see an increase in our population;
• international exports increased by 22 per cent through September, led by gains in bioscience, machinery, and transportation equipment manufacturing;
• room nights sold increased 4.1 per cent through September, while the room occupancy rate increased 1.5 percentage points;
• the value of retail sales (seasonally adjusted) is up 2.8 per cent through August;
• the potato harvest increased by 4.6 per cent to reach 26.2 million cwt (hundred weight); and
• the blueberry harvest increased by 40.5 percent from last year to 22.7 million pounds, which was an all-time high.
“We are pleased to see such improvements across the different sectors,” said Minister Sheridan, “The Island economy is on solid financial footing, we are on the path to a balanced budget, and all three bond raters have again confirmed our credit ratings.”
To see the updates, please visit www.gov.pe.ca/finance