Prince Edward Island is Canada’s smallest province in terms of population and land size, but it is the most densely populated. Prince Edward Island has
. Prince Edward Island is expected to reach a
Bordered by New Brunswick, Nova Scotia, Quebec, and Newfoundland and Labrador, Prince Edward Island’s capital is Charlottetown, their largest city.
The economy of Prince Edward Island
Prince Edward Island’s economy is primarily driven by farming, as it produces a quarter of Canada’s potatoes. In 2021, the province had a
GDP of 6.3 billion Canadian dollars, where the
real estate and leasing industry had the highest GDP out of all industries. Three percent of the province's GDP
is generated by the underground economy, and it has the
third-highest unemployment rate out of all Canadian provinces. However, in recent years, new industries such as bioscience and advanced manufacturing have gained on Prince Edward Island, as the bioscience industry has focused on creating different animal and human health products, as well as treatments for diseases. The low cost of operation on Prince Edward Island has attracted many businesses to open up there.
Tourism in the province
Another large part of Prince Edward Island’s economy is the tourism industry. Prince Edward Island attracts many tourists every year because of its ocean-side location. It is home to Prince Edward Island National Park, Cavendish Beach, Green Gables Heritage Place, Red Point Provincial Park. These places, among many others, contribute to the many tourists that visit. The
number of visitors to national parks and historic sites has seen a significant increase over the past years, however, Prince Edward Island had
the least number of international visitors out of all Canadian provinces in 2019.
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