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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

May 26, 2023

The Province of Prince Edward Island released it's 2023-24 Budget on May 25 (following a provincial election).  The 2023-24 deficit is expected to widen to $97.6 million, before narrowing in each of the two subsequent fiscal years.  

Prince Edward Island's provincial government revenues are projected to rise by 5.5% in 2023-24 while expenditures grow by 6.4%.  In 2024-25, revenues are projected to grow 5.1%, outpacing the 3.7% rise in expenditures.

As in many provinces, Prince Edward Island's 2022-23 revenues are now forecast to be higher than expected in the 2022-23 Budget plan.  Expenditures were also increased above the levels projected in the 2022-23 Budget plan.  

Prince Edward Island's provincial government ran an unexpected surplus of $83.8 million in 2021-22.  The current fiscal plan anticipates deficits in each year from 2022-23 to 2025-26.  

Prince Edward Island's government deficit in 2023-24 is projected to amount to 1.0% of nominal GDP, up from a deficit amounting to 0.7% of GDP in 2022-23.  Prince Edward Island's government deficits are projected to contract as a share of GDP in each of the subsequent two fiscal years.

The footprint of the provincial government in Prince Edward Island's economy is projected to by 31.8% of GDP in 2023-24 (the same as in the last year).  This is projected to contract to 30.6% of GDP by 2025-26.

Prince Edward Island's net debt to GDP ratio is currently estimated at 27.6% of GDP for 2022-23.  This is projected to rise to 28.8% of GDP in 2023-24 and to 29.3% of GDP by 2025-26.  

Prince Edward Island's provincial Budget projects expenditures of $17,393 per capita in 2023-24, rising to $17,968 per capita by 2025-26. 

Although nominal GDP growth is projected to slow from the 14% gain in 2021, the Prince Edward Island Budget assumes strong and steady growth over the subsequent four years.  Prince Edward Island's real GDP is estimated to have grown by 2.9% in 2022 and is forecast to accelerate to 3.5% in 2023.  Prince Edward Island's population growth is expected to remain strong, driving labour markets, construction and other domestic demand.  

Key Measures and Initiatives

Prince Edward Island's Budget highlights expenditures that prioritize: health, homes, affordability, people, future and communities.  Key initiatives include:

  • Health
    • Adding 100 front line positions and establish new medical homes
    • Introducing new Flexible Assertive Community Treatment Teams and the new Emergency Department and Short Stay unit at the Queen Elizabeth Hospital to assist with complex mental health needs
    • Treating 32 common ailments at 48 community pharmacies
    • Introducing $5 co-pays for over 150 medications
    • Adding new drugs to the formulary
    • Establishing a Faculty of Medicine at the University of Prince Edward Island  
  • Homes
    • Launching a Rent-to-Own program with financing options for first-time homeowners to rent a property with the intent to purchase
    • Creating a Closing Cost Housing Support program to provide first-time home buyers with closing costs for purchasing their first home
    • Creating opportunities for tiny home communities in rural areas
    • Launching a low-income home repair grant
    • Providing private developers with two percent financing for projects that are construction ready to spur immediate development
    • Funding to develop construction ready lots outside the capital area 
  • Affordability
    • Continuing with free heat pump and property tax freeze
    • Legislating a reset in assessment rates to 2020 levels to prevent increased property assessments in 2024
    • Increasing the basic personal amount for income taxes to $13,500 by 2024
    • Increasing the income threshold for the low-income tax reduction by $750 in both 2023 and 2024
    • Implementing a five bracket income tax system in 2024
    • Expediting the reduction in child care fees to $10/day in 2023
  • Future
    • Exploring controlled-environment farming and indoor farming
    • Establishing the BioAccelerator and developing the clean tech sector
    • Establishing a Portable Health Benefits program, as well as other supports for arts and culture
    • Encouraging employers to retrofit workplaces to make them more accessible for workplace participation of those with physical and intellectual disabilities
    • Growing tourism into a four-season industry
  • People
    • Adding 100 new positions to the education system
    • Increasing the non-repayable bursary for resident students to $3,000 per student
    • Providing a primary caregiver grant for those who care for loved ones at home
    • Expanding the Seniors Independence Initiative, the Seniors Safe at Home, the Seniors Home Repair and the Seniors Hearing Aid rebate programs
    • Establishing an infrastructure fund for creating child care spaces
    • Exploring a universal school breakfast program
  • Communities
    • Increasing nursery tree production
    • Expanding support for victims of family violence
    • Supporting participation of newcomers (especially health professionals) in the labour market
    • Increasing access to justice supports and legal aid
    • Increasing funding for provincial wildland firefighters
    • Beginning implementation of an Anti-Racism Action Plan

Prince Edward Island Budget 2023-24

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