STATISTICS CANADA RELEASES 2015 NET FARM INCOME AND FARM CASH RECEIPTS DATA

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STATISTICS CANADA RELEASES 2015 NET FARM INCOME AND FARM CASH RECEIPTS DATA 2015 NET FARM INCOME On May 25, 2016 Statistics Canada released estimates of Net Farm Income for Canada and the provinces

1 STATISTICS CANADA RELEASES 2015 NET FARM INCOME AND FARM CASH RECEIPTS DATA 2015 NET FARM INCOME On May 25, 2016 Statistics Canada released estimates of Net Farm Income for Canada and the provinces for 2015, as well as revisions for 2013 and Total net farm income measures the financial flows and stock changes of farm businesses (net cash income minus depreciation plus income in kind and value of inventory change). On Prince Edward Island total net farm income in 2015 was valued at $32.1 million, a decrease of 33.0 per cent from The value of realized net income in 2015, which also allows for depreciation and income-inkind, decreased from $42.3 million in 2014 to $25.2 million in The detailed results for Canada and Prince Edward Island are presented Table 1. Net cash income in 2015 was valued at $75.0 million, a decrease of 16.7 per cent from The decrease in net cash income was a result of a $8.4 million decrease in total farm cash receipts (including government payments) combined with a $6.7 million increase in total operating expenses after rebates. Farm cash receipts for PEI saw a decrease of 1.8 per cent, down from $475.1 million in 2014 to total $466.7 million in Table 1 NET FARM INCOME, CANADA AND PEI, Canada PEI Canada PEI Canada PEI Item: (thousands $) (thousands $) (thousands $) + Total farm cash receipts incl. $55,227,014 $496,972 $57,886,741 $475,067 $59,430,885 $466,659 - Total operating expenses after $42,664,426 $384,942 $43,890,080 $384,922 $44,396,107 $391,611 rebates = Net cash Income $12,562,588 $112,030 $13,996,661 $90,145 $15,034,778 $75,048 + Income-in-kind $46,804 $333 $56,941 $331 $61,438 $326 - Depreciation $6,346,933 $46,356 $6,594,968 $48,132 $6,951,245 $50,195 = Realized Net Income $6,262,459 $66,007 $7,458,634 $42,344 $8,144,971 $25,178 + Value of inventory change $6,146,286 -$649 -$2,774,548 $5,489 -$1,387,008 $6,886 = Total Net Income $12,408,745 $65,358 $4,684,086 $47,833 $6,757,963 $32,064

2 2015 FARM CASH RECEIPTS On May 25, 2016 Statistics Canada also released preliminary estimates of farm cash receipts for Canada and the provinces for the fourth quarter of 2015 and the first quarter of Prince Edward Island s farm cash receipts decreased by $8.4 million in 2015 to total $466.7 million. This is down from $475.1 million in Livestock receipts increased for the sixth consecutive year, rising 3.4 per cent to reach $150.5 million. Crop receipts declined by 4.6 per cent to total $293.1 million, while direct payments to farmers increased by 3.7 per cent to total $23.1 million. Total crop receipts decreased by 4.6 per cent in Potato receipts were valued at $223.8 million, a decrease of 3.8 per cent. Receipts for other crops (minus potatoes) declined by 7.2 per cent to total $69.3 million. Receipts for soybeans declined 20.4 per cent to total $14.8 million. Livestock receipts increased for the sixth consecutive year, rising by 3.4 per cent over 2014 to total $150.4 million. Cattle receipts increased by 22.2 per cent, rising to $39.3 million from $32.2 million in Hog receipts decreased in 2015 by 18.5 per cent to total $12.4 million. Receipts for dairy products were valued at $75.1 million in 2015, a slight decrease of 0.9 per cent from Other livestock receipts increased by 5.7 per cent to reach $23.6 million. Direct payments to farmers increased 3.7 per cent to total $23.1 million. Crop insurance payments, which made up 72 per cent of direct payments to farmers, totalled $16.5 million in 2015 as compared to $12.9 million in Table 2 ANNUAL FARM CASH RECEIPTS, P.E.I. Farm Cash Receipts Item: 2014 ($ 000s) 2015 ($ 000s) Change ($ 000s) Percentage change Crops $307,247 $293,091 ($14,156) -4.6 Potatoes $232,650 $223,837 ($8,813) -3.8 Soybeans Other crops $18,604 $55,993 $14,808 $54,446 ($3,796) ($1,547) Livestock $145,555 $150,474 $4, Cattle $32,195 $39,334 $7, Hogs $15,199 $12,393 ($2,806) Dairy $75,845 $75,149 ($696) -0.9 Other $22,316 $23,598 $1, Total direct payments $22,265 $23,094 $ Total Receipts $475,067 $466,659 ($8,408)

3 Farm Cash Receipts P.E.I $ thousands 600, , , , , ,000 0 Crop Direct Payments Livestock P.E.I. HIGHLIGHTS (see Table 2) Crops Potato receipts declined for the fourth consecutive year, decreasing to $223.8 million in Following 8 years of increases from 2006 to 2013, receipts for soybeans decreased for the second consecutive year, falling by 20.4 per cent to $14.8 million. Other crop receipts (total crops minus potatoes and soybeans) totalled $54.4 million, a decrease of 2.8 per cent over Notable increases were seen in receipts for wheat excluding durum, up by 30.3 per cent to total $6.6 million, barley, up by 8.5 per cent to total $11.2 million, and oats, up by 25.2 per cent to total $1.4 million. Notable declines occurred in receipts for blueberries, down 22.2 per cent to total $9.3 million, total small fruits, down 20.2 per cent to total $10.4 million and corn, down 43.6 per cent to total $1.6 million. Livestock Livestock receipts during 2015 totalled $150.5 million, a 3.4 per cent increase compared to Cattle and Calves receipts increased by 22.2 per cent to value $39.3 million. Hog receipts decreased by 18.5 per cent to total $12.4 million. Dairy product receipts for 2015 totalled $75.1 million, a decrease of 0.9 per cent. Egg receipts totalled $5.4 million, an increase of 2.8 per cent. Receipts for other livestock increased by 5.7 per cent. Support payments Government payments and support to farmers totalled $23.1 million in 2015, an increase of 3.7 per cent compared to The increase was largely due to a 28.3 per cent rise in crop insurance payments, which totalled $16.5 million, compared to $12.9 million in Total farm receipts minus government support payments declined by 2.0 per cent to total $443.6 million, down from $452.8 million in

4 Nationally, farm cash receipts for 2015 totalled $59.4 billion, up $1.5 billion or 2.7 per cent from This follows a 4.8 per cent increase in 2014 and marks the fifth consecutive year of growth. Receipts for crop producers increased 5.2 per cent to $31.6 billion, mainly due to a per cent increase in receipts for lentils, a crop grown primarily in Saskatchewan. Livestock receipts fell slightly by 0.2 per cent to $25.7 billion, the first decline since This was mainly due to lower hog prices, which pushed hog receipts down 17.0 per cent. Of the four Atlantic provinces, only Prince Edward Island saw a decline in total receipts. Other provinces to see declines in total farm cash receipts were Quebec (-3.6 per cent) and Manitoba (-2.5 per cent). The largest percentage increases were seen in Saskatchewan (9.2 per cent), Alberta (5.1 per cent), and British Columbia (4.5 per cent). National farm cash receipts for 2015 and comparable data for 2014 are presented in Table 3. Table 3 NATIONAL AND PROVINCIAL FARM CASH RECEIPTS To 2015 Province: $ millions % change Canada 57,887 59, Newfoundland and Labrador Prince Edward Island Nova Scotia New Brunswick Quebec 8,466 8, Ontario 12,723 12, Manitoba 5,975 5, Saskatchewan 13,146 14, Alberta 12,898 13, British Columbia 2,944 3,

5 QUARTERLY FARM CASH RECEIPTS FIRST QUARTER 2016 Prince Edward Island s farm cash receipts for the first quarter of 2016 totalled $126.9 million, up 3.5 per cent compared to the same period last year. Total crop receipts increased by 12.1 per cent. Potato receipts increased by 15.0 per cent, while receipts for other crops were down 3.7 per cent. Livestock receipts decreased by 10.6 per cent compared to the first quarter of 2015, to total $35.7 million. This was largely due to a 48.3 per cent decrease in cattle receipts. Direct payments decreased by 4.9 per cent to value $8.4 million. Table FIRST QUARTER FARM CASH RECEIPTS, PEI Farm Cash Receipts Item: Q ($ 000s) Q ($ 000s) Percentage change Crops 73,905 82, Potatoes 62,140 71, Other crops 11,765 11, Livestock 39,982 35, Cattle 9,106 4, Hogs 2,866 2, Dairy 18,769 19, Other 9,241 9, Total direct payments 8,818 8, Total Receipts 122, , PEI HIGHLIGHTS (see Table 4) Crops Farm cash receipts for crops during the first quarter of 2016 increased by 12.1 per cent over the same period in 2015 to total $82.8 million. Potato receipts increased from $62.1 million in the first quarter of 2015 to $71.5 million during the same period in Soybean receipts declined, falling from $2.9 million in the first quarter of 2015 to $2.2 million during the same period in 2016, a decrease of 25.5 per cent. Field vegetables increased by 6.4 per cent. Crop receipts excluding potatoes totalled $11.3 million, a decrease of 3.7 per cent over Livestock Livestock receipts during the first quarter of 2016 totalled $35.7 million, down 10.6 per cent from the same period in Cattle receipts decreased by 48.3 per cent to $4.7 million. Hog receipts decreased by 18.9 per cent to total $2.3 million. Dairy product receipts for the first quarter of 2016 totalled $19.4 million, increasing by 3.3 per cent over the same period in Egg receipts saw a decrease of 2.5 per cent over first quarter 2015 to total $1.3 million. 5

6 Receipts for other livestock and livestock products increased by 0.8 per cent to total $9.3 million. Total Direct Payments Government payments and support to farmers over the first quarter of 2016 totalled $8.4 million, down by 4.9 per cent compared to the first quarter of Total farm cash receipts excluding government support payments rose by 4.1 per cent. Nationally, farm cash receipts totalled $15.5 billion in the first quarter of 2016, up $580 million or 3.9 per cent from the same period in Crop receipts increased by 12.2 per cent over the same period in Livestock receipts fell by 4.5 per cent to $6.1 billion. Farmers received $477 million in program payments during the first quarter of 2016, down 18.5 per cent from the same period of National and provincial farm cash receipts for the first quarter of 2016 and comparable data for 2015 are presented in Table 2. Table 5 NATIONAL AND PROVINCIAL Q FARM CASH RECEIPTS January to January to Jan-Mar March 2015 March 2016 To Jan-Mar Province: $ millions % change Canada 14,954 15, Newfoundland and Labrador Prince Edward Island Nova Scotia New Brunswick Quebec 1,760 1, Ontario 2,629 2, Manitoba 1,761 1, Saskatchewan 4,126 4, Alberta 3,583 3, British Columbia For more information contact: Colin Mosley PEI Statistics Bureau Department of Finance Ph: cdmosley@gov.pe.ca 6

STATISTICS CANADA RELEASES 2016 GDP DATA

STATISTICS CANADA RELEASES 2016 GDP DATA On November 8, 2017 Statistics Canada released Provincial Gross Domestic Product (GDP) data for 2016 as well as revisions for 2011 to 2015. The PEI GDP at market