Provincial Treasurer Wayne D. Cheverie, today released the Province of Prince Edward Island Statistical Review for 1995. The review contains a comprehensive review of socio-economic information for Prince Edward Island.
The Minister noted that the statistics in the annual review illustrate record highs in many sectors of the economy, such as international exports, farm cash receipts, manufacturing shipments and employment levels.
Data from Statistics Canada indicates that the Prince Edward Island economy grew by 4.8 percent in 1995, the strongest growth in Canada. Factors which influenced the strong growth rate in 1995 were: the construction of the Northumberland Strait Bridge, large increases in manufacturing shipments and exports, as well as a good year for the potato industry and a strong tourism season.
Estimates of population from Statistics Canada demonstrate that the population of Prince Edward Island reached an all time high of 136,900 in October 1995. The increase in population can be attributed to a modest net interprovincial migration to the province.
In 1995, the number of persons employed on Prince Edward Island averaged 58,700, an increase of 2,600 over 1994. This was the largest annual increase in employment amongst the provinces. The number of persons in the labour force on Prince Edward Island increased by 1,230 in 1995 to average 68,830. This is the highest recorded number of persons in the labour force for Prince Edward Island. The unemployment rate averaged 14.7 per cent in 1995, a significant drop from 17.1 per cent in 1994.
The All-Items Consumer Price Index for Prince Edward Island increased by 1.6 per cent in 1995. Factors which influenced this trend were an increase in the transportation index of 3.9 per cent, an increase in the tobacco and alcohol index of 2.7 per cent, and an increase of 2.1 per cent in the recreation, reading and education index. The national inflation rate was 2.1 per cent in 1995.
Farm cash receipts for Prince Edward Island in 1995 increased by 2.9 per cent to value $315.4 million compared to $306.6 million in 1994. The value of the sale of potatoes decreased 8.6 per cent in 1995. The value of the potato crop still accounted for over 47 per cent of total farm cash receipts in 1995.
The total value of fish landed in Prince Edward Island in 1995 reached an all time high of $116 million, an increase of 24.2 per cent over 1994. Lobster landings which account for almost 68 per cent of the total, valued $78.4 million.
The value of manufacturing shipments from Prince Edward Island firms in 1995 is estimated by Statistics Canada to be $687.5 million (current dollars), which is an increase of 11.4 per cent over 1994. Large increases were to be found in transportation equipment industries (78.1%), fabricated metal products (31.2%) and chemical and chemical products industries (28.5%).
Housing starts on Prince Edward Island in 1995 were 422 compared to 669 in 1994.
In 1995 the three ferry systems carried a total of 2,543,119 passengers, which is an increase of 3.1 per cent over the number of passengers who travelled the ferry systems in 1994. Automobile traffic increased 4.3 per cent and commercial traffic decreased 5.0 per cent in 1995.
According to Enterprise PEI data, the number of pleasure and business visitors to Prince Edward Island in 1995 was 777,902, of which 683,252 were pleasure visitors and 94,650 were business visitors.
Enterprise PEI data indicates that tourist expenditures on Prince Edward Island totalled over $171.7 million in 1995, of which pleasure tourists spent $141.4 million. While on the Island, pleasure tourists spent over 57 per cent of their vacation money on restaurant meals and beverages and on accommodations.
Statistics Canada estimates that the value of retail sales in current dollars on Prince Edward Island increased 4.6 per cent in 1995 to value $910.2 million. The number of new motor vehicles sold on Prince Edward Island decreased 11.4 per cent in 1995 to number 4,223.
The value of international exports grew by 25.4 per cent in 1995 to value $326.2 million. Agricultural and fishing products accounted for 73 per cent of all exports from Prince Edward Island in 1995 and valued $236.9 million.
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