It is one of the ten provinces that, together with the three territories, make up the thirteen federal entities of Canada. Its capital and the most populated city is Charlottetown. Located to the east of the country, it is an island surrounded by the Atlantic Ocean and separated from New Brunswick by the Northumberland Strait.
Its capital, Charlottetown, is known as the cradle of the Canadian Confederation, although the province was not associated with the Confederation until later. Recently it was united to the American continent by the bridge of the Confederation.
The economy of Prince Edward Island is based mainly on agriculture, tourism and fishing. All these activities have wide variations throughout the year and are susceptible to external impacts such as for example, natural disasters and economic depressions. This province is extremely poor in natural resources, such as mineral mines, however, there are still not determined quantities of natural gas in its eastern part.
Agriculture is the main source of income for the economy of the province since it was colonized by the English - currently, the potato is the most cultivated vegetable in the province. Prince Edward Island is the largest producer of potatoes in Canada - it is responsible for one-third of Canada's annual production. About 1.3 billion kilos of potatoes are produced annually in the province, which is also a large producer of potato seeds, which are exported to more than 20 countries around the world.
Tourism is the second largest source of income of Prince Edward Island, having exceeded in importance to fishing in the mid-twentieth century. The main tourist attractions are its beaches, golf courses and local attractions and events. The most dynamic season is summer - months of July and August - despite an increase in the number of American tourists in September and October in the province (as well as in New Brunswick and Nueva Escocia), the tourist season is being extended to winter months.
Fishing is still the third largest source of income for Prince Edward Island; however, the province is less dependent on the fishing industry than other Canadian provinces located on the Atlantic coast (New Brunswick, Nova Scotia, Newfoundland and Labrador). The lobster catch is the island's biggest fishing activity, which takes place in May and September. Due to the fact that the province is covered by oceanic ice during the winter months, fishing is limited to the summer months, the end of spring and the beginning of autumn.
The gross domestic product of British Columbia is more than 2.8 billion Canadian dollars per year. The primary sector contributes 5% of the GDP of Prince Edward Island. Agriculture and livestock represent together 5% of the GDP of the province and employs approximately 4.6 thousand people. Prince Edward Island has about 2,000 croplands, which cover approximately half of the province. Only Saskatchewan has a greater percentage of its territorial extension covered by farmland. The fishing represents 4% of the GDP of the province and employs approximately 2 thousand people. Forestry represents 1% of the GDP of the province, employing about 700 people.
The secondary sector represents 16% of the GDP of Prince Edward Island. The total value of the products manufactured in the province is 275 million Canadian dollars. The main industrial products manufactured in the province are mainly industrialized foods, partly associated with the province's fishing industry. The manufacturing industry represents 10% of the GDP of Prince Edward Island and employs approximately 6.5 thousand people. The construction industry represents 5% of the province's GDP and employs about 3.8 thousand people. The economic contribution of the mining exploitation of the province is negligible. The only natural resource present in the province of important use for man is the small reserves of natural gas.
The tertiary sector represents 76% of the GDP of Prince Edward Island. Personal and community services represent 25% of the GDP of the province and employ about 24.1 thousand people. Financial and real estate services employ approximately 2.2 thousand people and represent more than 20% of the GDP of Prince Edward Island. Government services represent 13% of the province's GDP, employing approximately 5.6 thousand people. The wholesale and retail trade represents 11% of the province's GDP and employs approximately 9.9 thousand people. Transport and telecommunications represent 7% of GDP and employ about 5 thousand people, and public utilities represent 1% of the province's GDP, employing close to 100 people. The province generates barely 40% of the electricity it consumes, 5% in coal thermoelectric plants, and 35% in wind power plants. The other 60% needs to be purchased from New Brunswick.