Behind Alberta, Sask., Newfoundland, Ontario and B.C., but ahead of Quebec, Manitoba, New Brunswick and Nova Scotia
A recently released Conference Board of Canada economic report card gave P.E.I. a B grade.
A new report card from the Conference Board of Canada gives P.E.I. a B grade when it comes to the province’s overall economic performance.
The report card, which compared the 10 provinces and 16 advanced countries, ranked P.E.I. 15th.
That put it behind Alberta, Saskatchewan, Newfoundland and Labrador, Ontario and B.C., but ahead of Quebec, Manitoba, New Brunswick and Nova Scotia.
Canada as a whole ranked 8th behind several individual provinces, Australia, Ireland, the U.S. and Norway.
In a news release, the Conference Board of Canada’s chief economist Glen Hodgson, said P.E.I. benefitted from solid economic growth in the manufacturing sector and strong employment growth in some service sectors.
The province scored an A+ for employment growth thanks to a gain of almost two per cent in 2013, although the small labour market means a small gain in employment in one sector of the economy can have a significant impact on overall growth.
P.E.I. also got an A+ for inward greenfield foreign direct investment (FDI) between 2008 and 2012.
Greenfield FDI is investment that expands an existing business or creates new business, as opposed to a merger or acquisition.
The province’s overall ranking would have been better but D grades in three indicators brought it down.
That included P.E.I.’s unemployment rate which is the highest in Canada and was only ahead of Ireland.
P.E.I.’s income per capita was also last and it had no recorded outward FDI.