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November 26, 2014
For immediate release
Fall updates show province on track to balance budget
Finance and Energy
The province experienced growth in several sectors of its economy and is on track to reach a balanced budget, Finance, Energy and Municipal Affairs Minister Wes Sheridan says.
It is encouraging to see such a variety of industries experience banner years, Minister Sheridan said. Our multi-year fiscal plan remains on track, and we remain committed to returning to a balanced budget.
Minister Sheridan today tabled the 2014 Fall Economic and Fiscal Updates that highlight some encouraging trends, including:
Provincial GDP advanced 2 per cent in 2013 private sector forecasts place 2014 real GDP growth in a range between .8 and 1.6 per cent;
we were the only Atlantic Canadian province to see an increase in our population;
international exports increased by 22 per cent through September, led by gains in bioscience, machinery, and transportation equipment manufacturing;
room nights sold increased 4.1 per cent through September, while the room occupancy rate increased 1.5 percentage points;
the value of retail sales (seasonally adjusted) is up 2.8 per cent through August;
the potato harvest increased by 4.6 per cent to reach 26.2 million cwt (hundred weight); and
the blueberry harvest increased by 40.5 percent from last year to 22.7 million pounds, which was an all-time high.
We are pleased to see such improvements across the different sectors, said Minister Sheridan, The Island economy is on solid financial footing, we are on the path to a balanced budget, and all three bond raters have again confirmed our credit ratings.
To see the updates, please visit www.gov.pe.ca/finance.