EconomyAs a small province, Prince Edward Island has historically depended on the land and the sea as the basis for its primary industries - agriculture, fisheries and tourism.
Today, the Government of Prince Edward Island is building on these long-established sectors as well as capturing the potential of new industries. The economy is diversifying with support for growth industries such as aerospace, bioscience, including agriculture and fisheries, information technology, and renewable energy.
In 2012, PEI’s economy expanded by 1.5% in 2012. Our Consumer Price Index increased by 2.0% while inflation increased by 1.2%. PEI’s Gross Domestic Product increased to $5,547million in 2012. For more information on PEI’s Economy and statistics please visit PEI’s Annual Statistical Review.
Prince Edward Island is well situated with access to all major markets on the east coast of North America and Europe. In fact, PEI is two days closer to Europe by ship than New York. We also participate in the North America Free Trade Agreement and the European Union Trade Agreement.
If you want to start or expand a business, you can do very well in Prince Edward Island. Prince Edward Island has a friendly business climate and a government committed to turning business ideas into successful business operations. The province has a reputation for being a great place to do business.
Here are few reasons why:
- Prince Edward Island offers a cost effective and business friendly environment with a skilled and educated labour pool.
- Prince Edward Island has highly qualified personnel to help form your workforce, thanks to accredited hands-on programs at local colleges and the provincial university.
- Prince Edward Island has excellent business infrastructure
- Residents of Prince Edward Island enjoy affordable housing, short commutes, little traffic, low crime rates, friendly neighbours, equal access to wonderful educational institutions, and good healthcare. It's a great place to raise a family.