The economy of Quebec is a modern post-industrial economy of the Canadian province of Quebec with a positive trade balance. Since the signing of the Free Trade Agreement between Canada and the United States (North America Free Trade Area) in 1987, Quebec's exports to the United States have increased dramatically. In 2008, Quebec’s GDP was $ 248.4 billion at purchasing power parity (PPP), or 19.0% of Canada’s GDP. Quebec gross domestic product per capita in 2008 was $ 32,051 at PPP , Quebec was behind countries such as France , Japan and Bahrain , but ahead of Spain , Italy and Greece . [one]
As in most industrialized countries, the economy of Quebec is based mainly on the services sector. But the manufacturing sector is also very important. About 85% of Quebec's exports go to the United States . Economic relations between Quebec and France are important: in 2008, approximately 17,000 employees worked at 470 Quebec enterprises owned by French companies, and 26,000 French worked at 154 Quebec enterprises in France [2] .
Like all Western countries, the economy of Quebec is influenced by global economic conditions, struggling with the financial crisis of 2007-2009. In the first quarter of 2009, Quebec's gross domestic product declined from the previous year. The decline in production was especially evident in foreign trade.
Trade
Export
Quebec overseas exports reached $ 89.2 billion in 2008 and, therefore, Quebec has become the 40th largest exporter of goods and services in international markets.
- Food: $ 3,340 million
- Wood and paper: $ 9902 million
- Textiles: 3045 million US dollars
- Minerals: $ 10,598 million
- Chemical and petrochemical industry: $ 3,877 million
- Engineering: $ 4,581 million
- Materials for transport: $ 15.75 million
- Electrical, electronics, and telecommunications equipment: $ 7,172 million
- Electricity: $ 832 million
- Other categories: $ 9146 million
Quebec share of Canadian exports in 2004 :
- High technology : 43.5%
- Medium high technology: 7.9%
- Below-average technology: 24.5%
- Low tech: 26.8%
- Total: 16.6%
Import
Imports abroad in 2008 amounted to 105.0 billion US dollars. Quebec ranked 38th in the list of the largest importers of goods and services.
Share of Quebec imports in Canada's total imports in 2004:
- High tech: 25.9%
- Medium high technology: 13.3%
- Below-average technology: 19.1%
- Low tech: 18.5%
- Total: 19.3%
Economic activity
Natural resources
Despite the smaller place they occupy in the development of Quebec's gross domestic product, natural resources and energy are very important for the country's economy. In Quebec, the territory is rich in water resources, coniferous forests of all kinds and minerals. The fate of some regions of Quebec is closely related to the extraction and processing of raw materials.
Hydropower
The abundance of water resources in the province of Quebec allows the use of hydropower. She has also contributed to industrial development in parts of Quebec, especially Morisi , Saguenay-Lac-Saint-Jean and Côte-Nor .
The government of Quebec, within the framework of the Hydro-Quebec Corporation, has been developing potential since the late 1940s by investing heavily in 59 hydropower plants, which in 2008 had an installed capacity of 34,118 MW [3] . With a surplus of renewable energy at low prices, the Hydro-Quebec Corporation issued $ 9.2 billion in 2004-2008 to its sole shareholder, the Quebec government, despite the fact that electricity tariffs are among the lowest in North America . [4] .
The average consumption of households and agricultural enterprises amounted to 16974 kWh per year, which is a fairly high indicator due to the use of electricity for heating in 68% of houses [5] . The preference for electricity generated by hydroelectric power plants, which is 40.4% of final consumption, suggests some environmental benefits.
Forests
The province has abundant renewable forest resources. Forests occupy about 760,000 square meters. km and produce 55 million m³ of wood per year.
Pulp and paper and other wood products manufactured in Quebec cost over 18 billion can. dollars a year. The forest industry ranks second in exports (CAD 11 billion) and is the main source of production in more than 250 municipalities.
In the second half of 2007, the industry experienced a very serious crisis, mainly due to a combination of the following adverse factors:
- Strong Canadian dollar against US dollar
- Quebec government cuts motivated by over-exploitation of forests
- Reduction in global paper demand
- A significant drop in the new housing sector in the United States.
Mining
Quebec is one of the 10 largest producers in the mining sector in the world. It is Canada's second largest gold and iron producer and the second largest niobium producer in the world. The province has 22 operating mines, 158 mining companies and 12 primary processing enterprises (4 metallurgical plants and plants, 4 cement plants, factories and 3 lime clay production plants). Quebec has 30 types of minerals, the most important of which are gold , iron , titanium , asbestos , copper , zinc and silver . It is estimated that only 40% of Quebec’s mineral reserves have been explored. In 2005, the province’s export of minerals and metals reached $ 1.46 billion and an investment of $ 1 billion. In 2006, the mining industry created 13,373 new jobs. Of these, 9482 are associated with exploration and production.
Agriculture
58 918 people were employed in agriculture in 2006. [6] .
Despite the harsh climate in winter, which reduces yield, the St. Lawrence River Valley is a fertile agricultural area and contributes to the diversity of crops. They grow fruits, vegetables, cereals and feed.
Also in Quebec, livestock is developed. Over the past 20 years, pig farming has expanded significantly. Quebec also produces poultry, eggs, beef and lamb.
Quebec placed a large amount of maple sugar production on its territory. Quebec is the largest producer of maple syrup, far ahead of the rest of Canada and the United States.
Economic Transformation
Aerospace industry
The aerospace industry in Quebec ranks sixth in the world in terms of cost of production. Montreal is the second largest space center after Seattle and before Toulouse . In 2002, there were about 260 companies in the space industry and about 40,000 people. Various international organizations have set up their headquarters in Quebec, including the International Air Transport Association and the International Civil Aviation Organization .
Ground transportation
Rail and road transport generated 7.2 billion revenue in early 2004. The industry employs about 35,000 people. Large manufacturers such as Bombardier, PACCAR, NovaBUS, Prevost CAR and Komatsu work with a large number of suppliers and subcontractors.
Agriculture
The St. Lawrence River Valley is a very fertile agricultural area. It produces dairy products, vegetables, fruits, maple syrup (Quebec is the largest producer), livestock is developed.
The food industry has good prospects. “Organic farming, biotechnology and genetics will be presented in the food market tomorrow. [7]
Service Sector
Banking and finance
The Montreal Bank, founded in 1817 in Montreal , was the first bank in Quebec but, like most major Canadian banks doing business in Quebec, control of the bank is exercised from outside the province.
The National Bank, whose pedigree dates back to 1859 and the Desjardins Bank, are the two largest banks in the province of Quebec. Laurentian bank is much smaller.
Information Technology
IT companies employ more than 100 thousand employees. The information technology industry in Quebec has been growing rapidly in recent years. In 2002, 52% of all Canadian venture capital was invested in Quebec and 61% of available funds were invested in technology. The sectors of telecommunications, multimedia , computer services and microelectronics and components are especially strong.
Some of the telecom companies such as Ericsson, Motorola, and Mitec are located in the province of Quebec.
The multimedia industry has been particularly active in Quebec, especially since the late 1990s. Several thousand people work in Montreal and Quebec for companies such as video game developers Ubisoft, Electronic Arts, Microïds, Strategy First, Eidos, Activision, and A2M.
Montreal is the city that gave birth to two important developers of 3D animation software: Softimage and Discreet. The computer services, software development and engineering and consulting sectors employ 60,000 people.
There are 110 companies in the microelectronics sector that employ 12,900 people. The largest employers are CMC Électronique, IBM, and Matrox.
Optics and Photonics
In 2004, approximately 8,000 people worked in industries such as optical systems and photonics in Quebec. Research and development is concentrated especially in the area of the city of Quebec, while production is localized in the area of Montreal. Quebec has about 20 companies in laser, fiber optics, image processing and related industries.
Biotechnology
The biotechnology sector has about 130 companies employing 4,700 people. Quebec's biotechnology industry ranks third in North America after California and Massachusetts .
Pharmaceuticals
The pharmaceutical industry has 381 businesses and 24,550 employees; the production of medical supplies in Quebec is one of the most important sectors of the economy of modern Quebec. With approximately 20 multinationals like Merck Frosst, Johnson and Johnson, Pfizer, Sanofi-Aventis and Bristol-Myers Squibb-, Montreal is the eighth largest pharmaceutical company in North America.
Tourism
In 2002, tourism spending amounted to $ 7.3 billion. About 27.5 million trips were made in the province of Quebec: 72% were made by Quebecers, 15% Canadians from other provinces, 9% Americans and 4% from other countries. This sector employs about 330 thousand people and there are 34,000 companies.
The most visited cities are Montreal and Quebec. The main attractions are festivals in Montreal, Quebec City's European style and natural attractions. In addition, the city of Quebec is the only fortified city north of Mexico. Quebec is one of the top 20 tourist destinations in the world.
Employment
In September 2007, the unemployment rate was 6.9%. [8] This is the lowest unemployment rate in 33 years. [9]
In 2001, 40.7% of workers were unionized.
In 2001, 74.7% of Quebec workers worked in the service sector, 18.5% in the secondary sector (industry), including 4.0% in construction and 2.8% in the primary sector.
In 2008 , in order to prevent a shortage of workers in Quebec, the Government of Quebec introduced an employment pact.
Bibliography
- Albert Faucher, "L'histoire économique de la province de Québec jusqu'à la fin du XIXe siècle", dans Recherches sociographiques, vol. 3, no 1-2, janvier-août 1962
- Gouvernement du Québec, Budget 2009—2010 - Plan budgétaire, Ministère des Finances du Québec, Québec, 19 mars 2009, 436 p. ( ISBN 978-2-551-23775-3 ).
Notes
- ↑ Institut de la statistique du Québec, "Comparaisons économiques internationales" - "Sommaire", 2009-07-07.
- ↑ Anne Drolet, "Le symposium Québec-France porte déjà fruit", dans Le Soleil, 22 mai 2008, p. 56.
- ↑ Hydro-Québec, Rapport annuel 2008: L'énergie de notre avenir Montréal, avril 2009, pdf, 125 p. ( ISBN 978-2-550-55044-0 ).
- ↑ Hydro-Québec, Comparaison des prix de l'électricité dans les grandes villes nord-américaines: Tarifs en vigueur le 1er avril 2009 Montréal, 2009, pdf ( ISBN 2-550-57038-7 ).
- ↑ Bradley Snider, "Le chauffage domiciliaire et l'environnement", dans Tendances sociales canadiennes, printemps 2006, p. 17-21
- ↑ Québec, "Inventaire québécois des émissions de gaz à effet de serre en 2006 et évolution depuis 1990
- ↑ Gouvernement du Québec, "Emploi bioalimentaire 1996-2006", Ministère de l'Agriculture, des Pêcheries et de l'Alimentation du Québec. Consulté le 15 mai 2009.
- ↑ Chômage, taux de chômage (désaisonnalisés), Québec (unavailable link) . Date of treatment May 26, 2010. Archived May 1, 2012.
- ↑ Gérard Bérubé, "Chômage: du jamais vu en 33 ans", dans Le Devoir, 10 juin 2007