Canada’s smallest province led all others in economic growth for the fourth time in five years in 2021, with its gross domestic product rising 6.6% following a 1.8% decline in 2020.
Two-thirds of the annual economic growth was attributable to services, and this was reflected in the 7.7% increase in employment, notably in accommodation and food services and retail trade. Despite this growth, economic activity in accommodation and food services remained well below pre-pandemic levels.
Higher seafood prices and a good potato harvest contributed to the fastest growth in the agriculture, forestry, fishing and hunting sector (+16.3%) since 2002. Mussel exports were up by over one-third year over year and lobster exports rose by almost one-fifth. Crop production, mostly potatoes, was up by nearly one-fifth.
The manufacturing sector in Prince Edward Island grew on higher output from the seafood product preparation and packaging, and the fruit and vegetable preserving and specialty food manufacturing industries.
Prince Edward Island’s population grew at the fastest pace among the provinces for the fifth year in a row. The construction sector was up 10.2%, with two-thirds of that increase coming from residential construction.
To learn more, check out Gross domestic product, 2021: An in-depth look at provincial and territorial economies.
Contact information
For more information, contact the Statistical Information Service (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).