Do you need to find the best storage spaces for rent in Prince Edward Island? Find the best space for you by looking at the listings above.Prince Edward Island (PEI) is one of Canada's Maritime Provinces, located off the east coast. The island is home to a small population of 172,707 people (as of October 1, 2022) (https://www.princeedwardisland.ca/en/information/finance/pei-population-report-quarterly)
and has an economy that is largely based on natural resources and solutions, manufacturing, and tourism.
The primary industries in PEI are agriculture, fisheries, and aquaculture, which together contribute to over 15% of the province's GDP. Agriculture is the main industry, with the province producing high-value crops such as potatoes, grains, and horticultural products. Fishing and aquaculture are also significant industries, with PEI's seafood industry contributing over $100 million to the provincial economy each year.
Manufacturing is another important industry in PEI, with the province's main industries including food and beverage, aerospace, transportation, and green energy. PEI is home to several major manufacturers, such as Cavendish Farms, which produces frozen french fries, and Aerospace Industries Association of Canada, which produces aircraft components.
The tourism industry is also a major contributor to the provincial economy. PEI is home to many popular tourist destinations, including beaches, lighthouses, and national parks. Tourism contributes over $200 million to the provincial economy annually and employs over 5,000 people.
The economic trends in PEI are largely positive. Between 2018 and 2019, the province's GDP grew by 2.6%, which is higher than the 1.7% growth seen across Canada. Private sector investment has been strong, with the province's GDP per capita increasing to $36,072 in 2020, and to $52,362 in 2021 (https://www.wikiwand.com/en/List_of_Canadian_provinces_and_territories_by_gross_domestic_product#GDP_and_per_capita_GDP,_2021)
Overall, PEI's economy is doing well and is continuing to grow. The province is ranked fourth in Canada for labor productivity, with an average of $63.90 per hour worked. This is higher than the national average of $53.92, showing that PEI is a competitive economy.
In conclusion, the main industries in Prince Edward Island are agriculture, fisheries, aquaculture, manufacturing, and tourism. These industries contribute to the province's strong GDP growth, with the province's economy continuing to show strong growth and rising labor productivity.