The Prince Edward Island economic system actually suffered through the COVID-19 pandemic in 2020, however the province’s Statistical Evaluation for the yr, launched Tuesday, suggests it may have been worse.
GDP fell by three per cent within the province. The present projection for Canada as a complete is 5.4 per cent.
The variety of jobs fell 3.6 per cent. Nationally it decreased by 5.2 per cent.
Regardless of the drop within the variety of individuals engaged on P.E.I., whole labour revenue rose 1.9 per cent to $3.8 billion. Whereas making more cash is an efficient factor, the rise in revenue whereas the variety of individuals working fell suggests that folks in low-wage jobs suffered disproportionately.
The individuals who had been in a position to preserve their jobs through the pandemic tended to have extra training.
The proportion of individuals with a college diploma holding jobs rose from 18.2 per cent to twenty.8 per cent. For these with a highschool diploma solely or who left faculty earlier than ending highschool, it fell from 19.5 per cent to 16.9 per cent.
Whereas P.E.I. was outperforming the nation economically there was no nice rush to maneuver to the Island. The truth is, total P.E.I. misplaced 462 residents to interprovincial migration.
Whereas there was a internet loss, there was additionally a pointy regional break up. P.E.I. gained residents from the prairies, specifically Alberta, however misplaced them to different provinces, except Newfoundland and Labrador.
Extra from CBC P.E.I.