This annual 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.
Provincial Outlook Long-Term Economic Forecast: Quebec—2017
Provincial Outlook Long-Term Economic Forecast: Quebec—2017
Provincial Economic Analysis
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- Quebec’s GDP growth will average 1.5 per cent annually over 2016–40.
- The forecast for modest economic growth is being driven primarily by a deceleration in labour force growth and the aging of the population.
- In 2040, those aged 65 and over will account for a quarter of Quebec’s population, compared with 18 per cent in 2016.
- In the short and medium terms, annual housing starts will remain in the range of 35,000–36,000 units. After that, housing starts will decline, going from the low 30,000s to under 20,000 units by 2040.
- While machinery and equipment investment has lagged in recent years, a decline in the working-age population in the next decade and the need to be more competitive will spur growth in investment in machinery and equipment and intellectual property.
- Exports have struggled in recent years, but positive conditions for key industries such as the aerospace, metal ore, diamond, electricity, and pharmaceutical industries will boost export growth.
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