Economy of Quebec
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The economy of Quebec, is diversified and post-industrial with an average potential for growth.
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[edit] Overview
Quebec has a sub-modern, post-industrial economy with a positive trade balance. Quebec has the second largest GDP of the Canadian provinces. Since the signing of the free trade agreement between Canada and the United States in 1987, Quebec exports to the American market have increased substantially in most sectors. 2005 GDP was US$221.6 billion (at purchasing power parity) making it the 38th largest economy in the world [1].
In 2005, Quebec had a GDP per capita of US$29,163 (PPP). In 2002, it imported US$83.363 billion of goods and services and exported US$92.195 billion. Approximately 81% of all Quebec exports go to the United States.
[edit] Government finances
2007-2008 Budget[1]
-Revenue: $61,016,000,000 -Expenses: $61,046,000,000
-Surplus/Deficit: $653,000,000*
Provincial Debt: $128,000,000,000
Note:Finances are in Canadian dollars
- Use of budgetary reserve of $200,000,000 caused the budget to be in a surplus.
[edit] Exports
In 2002 Quebec exported US$68.245 billion in products [1] [2].
- Agricultural products: 3.340 million USD
- Wood and paper: 9.902 million USD
- Textiles: 3.045 million USD
- Minerals and mineral products: 10.598 million USD
- Chemical products and petrochemicals: 3.877 million USD
- Machinery and tools: 4.581 million USD
- Transport materials: 15.750 million USD
- Electrical products, electronics, and telecommunications: 7.172 million USD
- Electricity: 832 million USD
- Non-categorised products: 9.146 million USD
In 2004, Quebec exports were US$53 billion (adjusted for inflation), making up 25.8% of GDP. It is the 34th largest exporter in the world (Canada is 7th). In 2004, Quebec imports were US$53 billion (adjusted for inflation), making up 25.8% of GDP. It is the 30th largest importer in the world (Canada is 8th).
[edit] Agricultural products
Quebec's imports of agricultural products increased 87% between 1999 and 2002, reaching 3 billion dollars. More than 155 countries exported these products in 2002. The United States alone exported 28% and the European Union exported 28%. The principal imports were various prepared foods, drinks, fruits and nuts, as well as cocoa, coffee, and tea.
[edit] Strong sectors
[edit] Aerospace
Quebec's aerospace industry is ranked sixth in the world for its production value. Montreal is the second aerospace centre after Seattle and before Toulouse. There are some 260 companies of the aerospace sector that employ 40,000 people. It includes aerospace companies such as airplane manufacturer Bombardier, jet engine companies Pratt & Whitney and Rolls-Royce Canada, flight simulator builder CAE, and defence contractor Lockheed Martin and L-3 Communications. Various international organisations have established their headquarters in Quebec, notably the International Air Transport Association and the International Civil Aviation Organization.
[edit] Finance
The Finance, insurance, real estate and leasing industry employs 218,000 people [2], including the largest money manager in Canada, Caisse de dépôt et placement du Québec.
[edit] Ground transportation
Quebec's ground transportation industry generated $7.2 billion in revenue at the beginning of 2004. It employs some 35,000 people and includes major original equipment manufacturers such as Bombardier, PACCAR, NovaBUS, Prévost CAR, Komatsu International, and many suppliers and sub-contractors.
[edit] Other transportation
Quebec has eight deepwater ports for merchandise shipping, and in 2003 9.7 million tons of merchandise was carried by 3,886 cargo ships through the Saint Lawrence Seaway. The income created by this traffic is over $90 million per annum.
The Port of Montreal is the second biggest container handling port in Canada. Located on one of the largest navigable rivers in the world, the Saint Lawrence River, it is the third largest port in northeastern North America. Annual revenues of about $2 billion are created, along with 17,600 direct and indirect jobs.
Besides Montreal, other deepwater ports are located in Trois-Rivières and Bécancour, as well as in Sorel, Baie-Comeau, Port-Cartier and Sept-Îles. The last four ports specialise in handling bulk cargo and heavy merchandise.
[edit] Information technology
Employing over 100,000 workers, Quebec's information technology sector is strong and growing. Of the total Canadian venture capital funding 52 % is managed in Quebec with 61 % of available funds invested in technology.
Particularly strong are the sectors of telecommunications, multimedia software, computer services and consulting, microelectronics and components.
Some 10,000 people work for 115 telecommunication companies such as Bell Canada, Ericsson, Motorola, and Mitec.
The multimedia sector is quite strong and even stronger since the arrival of Electronic Arts in 2003. Some 5800 people work for game development companies such as Ubi Soft, Microïds, Strategy First, A2M, and Eidos Interactive.
Notably, Montreal is home to two major creators of 3D animation software: Softimage and Autodesk Media and Entertainment Division.
The computer services, software development, and consulting branch employs 60,000 specialized workers.
The microelectronics sector is strong, with 110 companies employing 12,900 people. The largest employers are Hyperchip, IBM, and Matrox.
[edit] Optics and photonics
In 2004, some 8000 people were employed in the Quebec optics and photonics industries. Research-related jobs are concentrated chiefly in the seven Quebec City region research centres, while production operations are mostly located in the Greater Montreal area. Quebec counts some 20 businesses in the laser, optical fibre, image processing, and related sectors.
[edit] Biotechnology
Quebec has some 130 companies employing 4700 people in the biotechnology industry. Some of the companies with facilities include Pfizer, Novartis and Merck-Frosst
[edit] Health industry
With 381 companies and 24,550 employees in the pharmaceutical, research and development, manufacturing, and related sectors, the Quebec health industry is one of the most important economic stimuli of modern Quebec. With the presence of some 20 multinationals such as Merck, Johnson & Johnson, Pfizer, Aventis, and Bristol-Myers Squibb, Montreal ranks eighth in North America for the number of jobs in the pharmaceutical sector.
[edit] Tourism industry
In 2003, tourism-related expenditures amounted to C$7.3 billion. Some 27.5 million trips were made in Quebec, 76 % of which were made by Quebecers themselves, 13 % by Canadians, 8 % from the United States and 3 % from other countries. Almost 330,000 people are employed in the tourism sector, working in over 34,000 businesses. Quebec is listed among the top 20 best tourist destinations in the world, and the City of Quebec is the only fortified city in North America north of Mexico.
The most visited cities are Montreal and Quebec City. Quebec is a popular tourist destination.
[edit] Hydroelectricity
Quebec is Canada's leader in the hydroelectric energy production [3] (see: List of hydroelectric stations in Quebec). The Government of Quebec is the sole shareholder of Hydro-Québec, which is the world's largest producer of hydro-electric power and employs 46,000 people. Hydro-Québec not only generates and distributes electricity, it also does active research in energy-related fields and energy conservation.
[edit] Aluminium and magnesium
Alcan is the world's second largest aluminium manufacturer and is based out of Montreal.
[edit] Forestry
Quebec's wood products and pulp and paper industries generate annual shipments valued at more than $18 billion. The forest products industry ranks second in exports, with shipments valued at almost $11 billion. It is also the main, and in some circumstances only, source of manufacturing activity in more than 250 municipalities in the province.
Quebec has a plentiful source of renewable forest resources, with forests extending over an area of nearly 760,000 square kilometres and generating an annual allowable cut of about 55 million cubic metres.
[edit] Mining
Quebec is one of the ten largest producers in the world in the mining sector. It is the second largest producer of gold and iron in Canada, the second largest producer of metallic substances in Canada, the second largest producer of industrial minerals and construction materials in Canada, and the world's second largest producer of niobium. The province has 30 mines, 158 exploration firms, and 15 primary processing industries. Approximately 30 minerals are mined, with the most important being gold, iron, titanium, asbestos, copper, zinc, and silver. About 40% of Quebec's mineral potential is now known. In 1999 the value of mineral shipments from the province was about $3.6 billion. The mining industry accounts for almost 18,000 direct jobs and investment approaching $1 billion.
Abitibi-Témiscamingue was the first region to experience the mining boom. Exploration has since been carried out in the Matagami, Chibougamau, Saguenay-Lac-Saint-Jean, Nord-du-Québec and Côte-Nord regions.
[edit] Exports
[edit] International
In 2002, Quebec had international product exports of US$68.245 billion [1] [2].
- Food products: US$3,340 million
- Wood and paper: US$9,902 million
- Textiles and clothes: US$3,045 million
- Minerals and mineral products: US$10,598 million
- Chemicals and petrochemical products: US$3,877 million
- Machinery and tools: US$4,581 million
- Transport material: US$15,750 million
- Electrical, electronics, and telecom products: US$7,172 million
- Electricity: US$832 million
- Uncategorized products: US$9,146 million
By country [1]:
- United States - CAD$ 56,046 Million
- United Kingdom - CAD$ 1,543 Million
[edit] References
[edit] See also
[edit] External links
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