While we still face some challenges as a result of the global downturn, the 2012 Economic Update points to many bright spots in the Island economy, says Finance, Energy and Municipal Affairs Minister Wes Sheridan.

“This Economic Update confirms much of what we have been saying about our stimulus spending,” says Minister Sheridan. “Because of these investments, we were able to insulate much of the Island economy during the downturn. Today, our economy continues to expand, and we have the fastest population growth in the Atlantic Region.”

The Economic Update looked at indicators such as the labour force, exports, consumer prices, primary industries, population and construction. Among the highlights from the last year, Islanders produced 1.7% more potatoes and the landed value of the spring lobster fishery increased from $67 million in 2011 to over $101 million in 2012.

“It’s encouraging to see just how strongly some sectors are performing,” said Minister Sheridan. “We’re doing what we can to create the conditions that will allow that to continue, including moving to a harmonized sales tax. This week we tabled a capital budget that will invest $83.9 million in Island infrastructure and, as our fiscal update indicated, we are on track to a balanced budget by 2015.”

Highlights of the Prince Edward Island Economy include:

• Provincial GDP advanced 1.6 per cent in 2011, and is expected to grow between 1.1 and 1.8 per cent this year.

• As a result of increased immigration, the Island population grew 0.3 per cent since July 1, 2011. This is the fastest growth in the Atlantic region.

• Seasonally adjusted retail sales are up 4.5 per cent on a year-to-date basis through September.

• Employment averaged 72,500 people through September 2012, an increase of 1.0 per cent from the same period in 2011.

• Island potato production increased 1.7 per cent from 2011.

• The landed value of the spring lobster fishery increased from $67 million in 2011 to over $101 million in 2012.

• Cruise ship traffic continues to show strength.

• Manufacturing shipments from PEI increased 6.6 per cent on a year-to-date basis through September, while international exports increased 25.3 per cent year-to-date through September.

The Prince Edward Island 2012 Fall Economic Update is available online at www.gov.pe.ca/photos/original/EconUpdateNov12.pdf