Canada may officially be in a recession, but Prince Edward Island continues its efforts to grow the economy and meet fiscal targets, Finance Minister Allen Roach says.
“It has been acknowledged that Canada’s economy is in a ‘technical’ recession, and we are not immune to the challenges faced by the rest of the country,” Minister Roach said. “However, here in Prince Edward Island we are seeing growth in several key areas and are working to turn those broader challenges into opportunities for our province.”
A lower Canadian dollar creates more markets for the province’s international exports, which rose 6.2 per cent in the first half of this year following a record $1 billion year in 2014. Bioscience, aerospace, and electrical equipment – together with the primary industries of agriculture, fisheries and tourism – make for an array of products that is increasingly attractive to our trading partners.
Other areas of strength are:
• earnings growth in the province was the highest in Canada at 3.8 percent through May, with the largest gains in finance and manufacturing;
• motor vehicles sold increased 8.6 per cent so far this year after reaching an all-time high in 2014;
• lobster prices and landings are both up during the spring and fall seasons; and
• overall tourism traffic increased in July, and the Charlottetown Airport had a record-setting June for passenger arrivals.
In addition, government is working with business and community leaders to put Prince Edward Island on the map as an attractive place to do business through Sales Force PEI. The program is a coordinated effort to enhance sales that will help to identify opportunities for growth as a way to grow the economy and generate wealth and jobs.
The Conference Board of Canada noted in its latest report that Prince Edward Island is on track to being one of Canada’s economic growth leaders in 2015.
“We are aware of the current set of challenges and are working on ways to address them,” Minister Roach said. “Through prudent fiscal management, targeted investments, and encouraging economic growth, Prince Edward Island continues to move forward.”