Friends - I wanted to share with you the following from the Conference Board’s Report on PEI: The Conference Board of Canada is a treasure trove of great information, including about the economic prospects of the provinces. In a recent Conference Board report, Alicia MacDonald makes the following comments about the Island: -Growth in the PEI economy is expected to slow in the near term, with expected real GDP growth of 1.3% in 2014 and 1.9% in 2015, down from 2.1% in 2013. -New marketing efforts and increased crop diversification will lead the agricultural sector to be a “steady” contribution to near-term economic growth, “gaining 2.6 per cent in 2014 and another 1.8 per cent in 2015”. -A drop in potato production in North America and Europe should help to put upward pressure on prices for the crop. -With “lackluster” demand for potato products, the Island’s farming sector has diversified in recent years, increasing the acreage in grains and oil seeds. -The hundreds of beef producers on the Island should benefit from the new “Prince Edward Island Certified Beef” designation, which should help to “position” the Island’s beef sector for future growth. -Regarding the Island’s fishery, “large declines” are expected again in 2014, following on 2013’s “disappointing” season. -Real output in the Island’s fishing and trapping sector fell 12.9% in 2013, with similar output expected for 2014. -The fishing sector is being negatively affected by such factors as large catches by Maine’s lobster fishery and reduced demand for luxury products in some countries and regions related to the recent global recession. -With the declines in the fishing sector in 2013 and 2014, seafood product manufacturing is not expected to do well in the near term. However, other food manufacturing and in other parts of the manufacturing sector should do well. -Employment growth on the Island was strong in 2013, with an estimated 1,440 new jobs created, but is expected to slow as economic growth slows, although “strong wage gains” are anticipated in the near term, with positive implications for growth in household income that can support consumer spending. -Consumer spending growth is likely to occur also as a result of stronger population growth. While net inter-provincial migration to the Island was negative in 2013, it is expected to be flat in 2014 and 2015. -Over the 2007 to 2012 period, PEI was third-last among the provinces in terms of productivity growth, and the Island has the lowest level of labour productivity in Canada. lpc.ca/9gyn
Posted on: Sun, 27 Jul 2014 16:35:55 +0000
Trending Topics
Recently Viewed Topics
© 2015