The ocean sector in Prince Edward Island accounts for close to a quarter billion dollars in economic activity each year. That is among the findings of the first comprehensive study on the value of ocean-related activities to the Island economy.
The federal Department of Fisheries and Oceans and the Prince Edward Island Department of Fisheries, Aquaculture and Environment today began distributing copies of the study, entitled The Value of the Ocean Sector to the Economy of Prince Edward Island, to various organizations which have expressed an interest in its findings.
The ocean sector includes everything from fish and aquaculture harvesting and processing, to boat and shipbuilding, ocean-related tourism, transportation and research. The study, which was based on data from the years 1997-1999, pegged the direct impact of the ocean sector in Prince Edward Island at $247 million a year or 10 per cent of the gross domestic product (GDP). When indirect impacts and spinoffs are taken into account, the total impact of the ocean sector in Prince Edward Island is $421 million or 17 per cent of the province's GDP. The figures include contributions of both the private and public sectors.
Fish processing, fishing and aquaculture account for over 60 per cent of the total impact of the ocean sector. Along with tourism and transportation, these comprise the top five industries in terms of ocean-related economic activity. Other significant ocean-related industries in Prince Edward Island are port and harbour operations, marine technology manufacturing, ship and boat building, research, and marine construction services.
Among the other key findings of the study:
-The ocean sector accounts for 11.1 per cent of direct household income in Prince Edward Island ($169 million). That is total wages earned by those employed in ocean-related industries.
-Taking into consideration the wages generated in other businesses that provide goods or services to ocean-related industries, the ocean sector accounts for 19.8 per cent of total household income ($302 million) in Prince Edward Island.
-Close to one in five people employed in Prince Edward Island can trace their employment to economic activities involving the ocean. That translates into 11,722 full-time-equivalent jobs.
Information contained in The Value of the Ocean Sector to the Economy of Prince Edward Island will assist in development of coastal and ocean policy and management of coastal and ocean resources. The study was jointly funded by the Prince Edward Island Departments of Fisheries Aquaculture and Environment, Development and Technology, and Tourism PEI, as well as Fisheries and Oceans Canada, Environment Canada and the Atlantic Canada Opportunities Agency. Copies of the study are available at Island Information Service (1-800-236-5196 or 368-4000) or online at www.gov.pe.ca/go/oceans.