The 2024 Annual Statistical Review shows that Prince Edward Island had the fastest growing provincial economy in the country again last year, with real GDP increasing by 3.6 per cent.
PEI has exceeded national growth in nine of the last 10 years.
“Although our economy has remained strong, the uncertainty and noise in the world today can make it hard to confidently make informed decisions. I encourage all decision makers to use the Annual Statistical Review for reliable data. This document provides up-to-date, accurate, and impartial statistics to help identify needs and gaps in our economy and society, and to monitor emerging trends.”
- Finance Minister Jill Burridge.
Notable successes for PEI in 2024 include:
- Population increased by 2.8 per cent to a total of 178,550 as of July 1, 2024
- Employment averaged a new all-time high of 92,500
- Total labour income increased 9.2 per cent to $5.4 billion
- Housing starts increased 48.7 per cent for a total of 1,694, the most starts on PEI since 1973
- International exports increased 7.8 per cent to an all-time high of $2.5 billion
- PEI’s Consumer Price Index showed inflation was 1.8 per cent, down from 2.9 per cent in 2023
The Annual Statistical Review gathers data from provincial government departments, the private sector, and Statistics Canada to provide a socio-economic snapshot of PEI and includes over 100 data tables on various topics.
To read the full review, visit Annual Statistical Review.
Media contact:
Janice Fogarty
Department of Finance
jefogarty@gov.pe.ca
Backgrounder
2024 Annual Statistical Review Highlights
- 2024 GDP increased by 3.6 per cent (real GDP by industry), the fastest growing provincial economy in Canada in 2024. PEI’s GDP growth has exceeded national growth in nine of the last 10 years.
- Island population as of July 1, 2024 was 178,550, an increase of 2.8 per cent over 2023, the fourth highest growth among provinces.
- Employment averaged 92,500, an increase of 3.6 per cent over 2023 and a new all-time high.
- The unemployment rate averaged 8.0 per cent, an increase of 0.8 percentage points over 2023.
- Total labour income increased by 9.2 per cent, matching 2023 growth, to reach $5.4 billion.
- International exports increased by 7.8 per cent, to reach an all-time high of $2.5 billion.
- Housing starts totaled 1,694, an increase of 48.7 per cent and the most starts on PEI since 1973.
- The All-Items Consumer Price Index for PEI showed inflation was 1.8 per cent in 2024, down from 2.9 per cent in 2023.
- 2024 lobster landings were 47.0 million pounds (up 7 per cent) and valued at $358.4 million (up 19.9 per cent).
- Farm cash receipts valued $829.2 million, an increase of 2.8 per cent compared to 2023.
- Retail sales increased by 1.5 per cent to reach an all-time high of $3.6 billion.
- New motor vehicle sales in 2024 numbered 8,500 (up 10.9 per cent) and valued $394.6 million (up 6.6 per cent).