The economy features a mix of traditional resources – agriculture, fisheries and tourism – that have undergone significant modernization as well as new industry sectors including bioscience and advanced manufacturing. Business acumen and entrepreneurship are at the core of PEI’s economic success A plan is in place for Prince Edward Island to achieve above-average growth and create more opportunities for trade, businesses and job creation. Robust business growth across key sectors will build a more prosperous province and assist PEI in becoming an innovative leader. On June 1, 2020 Statistics Canada released preliminary Provincial Gross Domestic Product (GDP) by Industry data for 2019. The P.E.I. GDP for all industries in chained 2012 dollars was valued at $6,052 million in 2019, an increase of 4.5 per cent over 2018.
The backbone of the island economy is farming; it produces 25% of Canada’s potatoes. Other important industries include the fisheries, tourism, aerospace, bio-science, IT, and renewable energy. Prince Edward Island’s merchandise trade with the world in 2016: $2.2 billion Exports: $975 million, a 4.2% increase from 2015 Imports: $1.2 billion, a 2.9% increase from 2015 Prince Edward Island exports continue to expand and diversify. Currently, frozen foods and seafood products are the leading PEI exports. Aerospace manufacturing and repair is another PEI export sector that is growing. PEI is experiencing an exciting period of export growth. International export of goods increased 22 per cent in 2014 to $1.12 billion-the first time our exports surpassed the one-billion-dollar mark. In 2015, we saw a further increase of more than 15 per cent, the fastest growth in the country and a new all-time high.
Prince Edward Island
Main Production Sector and Useful Links
Prince Edward Island (PEI) has rewarding career and work opportunities in a variety of industries including the primary industries of agriculture, fisheries and tourism and the strategic industries of aerospace, bioscience, information technology and renewable energy. The Island has a proud tradition of offering only the best products from the land and sea, sustainably produced in a quality environment, harvested and processed with care. The business community is committed to innovative and value-added approaches to our traditional and primary sectors.