11/21/2013 07:18 EST | Updated 01/25/2014 04:01 EST

P.E.I. economy improving: finance minister

CHARLOTTETOWN - P.E.I.'s finance minister says the island's economy is improving and the province remains on track to balance its books.

Wes Sheridan issued a statement Thursday saying one of the bright spots in the economy is employment growth.

He says the 2013-14 deficit is now expected to come in at $57.7 million, slightly lower than originally expected.

As well, Sheridan says provincial GDP advanced 1.5 per cent in 2012 and employment increased 2.5 per cent from the same period in 2012.

He says the Island's economic expansion was the third fastest in the country, behind Saskatchewan and Alberta.