This quarterly economic forecast for the province of Quebec examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Document Highlights
The relaxation of restrictions will contribute to solid overall economic growth and employment gains in the second half of 2021. In 2021, the economy of Quebec is forecast to grow by 5.6 per cent. High-contact service industries are poised for strong growth as restrictions on hospitality and entertainment are scaled back. A booming construction industry driven by a busy residential segment is pushing up costs for homebuilders, with demand in the sector set to remain high over the short term.
As the jobs’ recovery continues, pressures on labour supply will intensify and the province will increasingly look to immigration to address labour shortages. Household spending will eclipse pre-pandemic levels by the end of 2021, supported by increased spending on services. Quebec’s mineral and utility exports are performing well as the province’s international trade returns to normal.
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