Prince Edward Island
The provincial economy is dominated by the seasonal industries of agriculture, tourism, and the fishery. The province is limited in terms of heavy industry and manufacturing. Although commercial deposits of minerals have not been found, exploration for natural gas beneath the eastern end of the province has resulted in the discovery of an undisclosed quantity of gas.
Agriculture remains the dominant industry in the provincial economy, as it has since colonial times. During the 20th century, potatoes replaced mixed farming as the leading cash crop, accounting for one-third of provincial farm income. The province currently accounts for a third of Canada’s total potato production, producing approximately 1.3 billion kilograms annually. Comparatively, the state of Idaho produces approximately 6.2 billion kilograms annually, with a population approximately 9.5 times greater. The province is a major producer of seed potatoes, exporting to more than twenty countries around the world.
The island’s economy has grown significantly over the last decade in key areas of innovation. Aerospace, Bioscience, ICT and Renewable energy have been a focus for growth and diversification. Aerospace alone now accounts for over 25% of the provinces international exports and is the island’s fourth largest industry at $355 million in annual sales.