The latest economic update indicates the Island is weathering much of the turbulence in the global economy through 2010, says Finance and Municipal Affairs Minister Wes Sheridan.

Minister Sheridan tabled the 2010 Fall Economic Update today in the Legislature.

“Prince Edward Island’s economy was one of the least affected by the economic and financial downturn in 2009, and we’re estimating growth of about two per cent for 2010,” said Minister Sheridan. “This puts us on track to meet our goal of a balanced budget by 2013-2014, all without having had to make cuts to vital programs and services for Islanders.”

Economic highlights for Prince Edward Island show that on a year-to-date basis:

• Revised real GDP estimates show a small contraction of 0.1 per cent compared to provinces that were more severely affected like Newfoundland and Labrador at -10.2 per cent, Alberta at -4.5 per cent and Ontario at -3.6 per cent.

• Economic growth in 2010 is estimated to be about 2 per cent. Private sector economists are projecting a stronger rebound.

• The overall employment figures for PEI show an increase of 3.5 per cent, year to date, or 2,400 people. This compares to an increase of 1.6 per cent nationally.

• Wage sector employment showed expansion of 2.7 per cent in 2009 and continues to show strong growth of 2.5 per cent in 2010.

• Average weekly wages on PEI increased by 4.3 per cent last year and the available data for this year shows continued expansion of 2.4 per cent.

• Good performance on the economy, employment and incomes has translated into a 5.7 per cent rise in the value of retail sales in the province.

• The Tourism sector is reporting improved results with total traffic and over-night stays showing an increase.

• The outlook for potato prices has improved.

• Lobster landings for 2010 set a new record.

• The population of Prince Edward Island stood at 142,266 at July 1, 2010, an increase of 0.83 per cent from the previous year. PEI leads the Atlantic region in population growth.

The 2010 Fall Economic Update can be found on the Prince Edward Island Government website: www.gov.pe.ca/go/economicupdate2010.