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.
Will Quebec Pay a Price for Early Reopening? Quebec’s Two-Year Outlook—October 2020
Will Quebec Pay a Price for Early Reopening? Quebec’s Two-Year Outlook—October 2020
Provincial Economic Analysis
$705.00
- Quebec’s real GDP is forecast to shrink 7.2 per cent this year, led by a 10.8 per cent contraction in the second quarter. Next year, the economy is expected to rebound with growth of 5.3 per cent.
- Employment is forecast to fall 5.3 per cent this year as 232,000 jobs are lost. It should return to its pre-pandemic levels by the second half of 2021.
- The pandemic has sent the government’s finances off course. In its June budget update, the provincial government revised its projected balance for this fiscal year, down from a $3-billion surplus to a $15-billion deficit.
- Aerospace manufacturing, Quebec’s largest exporter, has been hit especially hard, as the pandemic has slashed global air travel and led major airliners to ground most of their airplane fleets.
- Quebec’s aluminum producers are being hurt by the collapse in global manufacturing activity and the U.S. decision in August to reimpose tariffs on imports of Canadian aluminum.
Customers Who Downloaded This Also Liked
3 min read
6 min read
13 min read
13 min read
Require an accessible version of this research?
Upon request, Signal49 Research offers accessible versions of research. Please contact us to request your accessible version.
Learn more about our accessibility policies.
Effective January 26, 2026, AERIC Inc./Signal49 Research discontinued use of ‘The Conference Board of Canada’ name, logo and branding, which had been used by AERIC Inc./Signal49 Research under license from The Conference Board, Inc. The Conference Board, Inc. and its licensees, which are not affiliated with Signal49 Research, own all right, title and interest in THE CONFERENCE BOARD name and trademarks in Canada and have the exclusive right to their use in Canada since January 26, 2026.
