Presented by Québec Ministry of Finances and the Economy, the report indicates the flourishing current situation of the economy in Québec.
Strongly competitive in the sphere of high technology, including the aeronautics, green technology, IT and digital communication technologies and pharmaceutical sector, Québec represents 20% of the total Canadian economy.
Each year, the government’s incentives to spur innovation and creativity resulted in a major capital investment of $1.3 billion in Research and Development. This favorable tax treatment is the most competitive in Canada for small and medium-size enterprises and among the best in the G8 countries for large enterprises.
Open to the world, Québec is diversifying its export destinations and products to promote the demand for its abundant raw materials. Already recognized for its remarkable mining potential and forest resources, the pursuit of the northern development will support Québec in its ascent to become among the most coveted metal markets in the world.
Proud of its hydropower, Québec intends to consolidate its place in regional electricity markets and will continue to export its surplus power to neighbors. Moreover, the construction of the Romaine hydropower complex and several transmission projects to the Northeast United States will help ensure that consumers both in Québec and the United States benefit from clean, affordable and reliable energy sources.
Québec stands apart for its workforce comprised of its highly-educated, skilled workforce. Eighty-three percent of Québec’s population has a secondary or post-secondary school diploma and almost half of the population is fluent in the Canada’s two official languages, French and English.
Finally, Québec’s government is working to achieve its objective of restoring fiscal balance by a more disciplined management of public finances. Debt reduction remains a priority, with the addition of new revenue sources for establishing the Generations Fund.
Québec’s economy continues to grow. The real GDP posted a gain of 1.0% in 2012 and should accelerate to 1.3% in 2013 and 1.8% in 2014.
For more information regarding the Economic and Financial profile of Québec, please refer to the Profile 2013