Economy of Quebec
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| Economy of Quebec [1][2] | |
|---|---|
| Currency | Canadian dollar (CAD) |
| Fiscal year | April 1 to March 31 |
| Trade organisations | NAFTA, OECD, |
| Statistics | |
| GDP | $303.7 billion (2009) [3] |
| GDP per capita | $32,051 (2008)[4] |
| Inflation (CPI) | 2.1 % (2008) |
| Unemployment | 7.2 % (2008) |
| External | |
| Exports | $147.6 billion (2008) goods: 75.7 % services: 24,3 % international: 60.4 % interprovincial: 39.6 % |
| Export goods | aluminium airplanes paper airplane parts copper and alloys |
| Main export partners | United States (72.2%) United Kingdom (2.6 %) Germany (2.0 %) France (1.9 %) Netherlands (1.8 %) |
| Imports | $167.0 billion (2008) goods: 75.5 % services: 24.5 % international: 62.9 % interprovincial: 37.1 % |
| Import goods | petrol automobils airplanes trucks and frames |
| Main import partners | United States (31.1 %) China (8.3 %) Algeria (8.1 %) United Kingdom (7.9 %) Germany (4.0 %) Japan (4.0 %) |
| Public finances | |
| All values, unless otherwise stated, are in US dollars | |
The economy of Quebec, is diversified and post-industrial with an average potential for growth.[5] Manufacturing and the Service sectors dominate the economy. If Quebec were a nation, its economy would be ranked the 44th largest in the world just behind Norway.[6] Quebec is also ranked the 21st largest in the Organization for Economic Cooperation and Development. The economy of Quebec represents 19.80% of the total GDP of Canada.[7]
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[edit] Most productive sectors
[edit] Aerospace
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,[8] 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-Tracy, Baie-Comeau, Port-Cartier and Sept-Îles. The last four ports specialise in handling bulk cargo and heavy merchandise.
[edit] Information technology
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Quebec's information technology employed over 100,000 workers in 2008. Of the total Canadian venture capital funding 52 % is managed in Quebec with 61 % of available funds invested in technology. Sectors of note include 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 was enhanced by Electronic Arts in 2003. Some 5800 people work for game development companies such as Ubi Soft, Microïds, Strategy First, A2M, and Eidos Interactive.
Montreal has 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 has 110 companies employing 12,900 people.
[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 other 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.
[edit] Hydroelectricity
Quebec is Canada's leader in hydroelectric energy production [9] (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] Agriculture
The combination of rich and easily arable soils and relatively warm climate make the St. Lawrence River Valley Quebec's most prolific agricultural area. It produces dairy products, fruit, vegetables, foie gras, maple syrup (of which Quebec is the world's largest producer), fish, and livestock.
[edit] Forestry
North of the St. Lawrence River Valley, the territory of Quebec has significant resources in its coniferous forests, lakes, and rivers. These include pulp, paper, and lumber.
The 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 renewable forest resources extending over an area of nearly 760,000 square kilometres (290,000 sq mi) and generating an annual allowable cut of about 55 cubic metres (72 cu yd) million.
[edit] Mining
Approximately 30 minerals are mined, with the most important being iron, gold, nickel, titanium, niobium, zinc, copper, silver and stone. In 2010, the province was the largest producer of zinc in Canada and the second largest producer of gold and iron.[citation needed][10] The province is also the world's second largest producer of niobium[11] and the third of titanium dioxide.[12] The province has 27 mines, around 200 exploration firms, and 12 primary processing plants. In 2010 the value of mineral shipments from the province was about $6.8 billion. The mining industry accounts for 15,000 direct jobs and investment exceeding $2 billion.
[edit] Exports
[edit] International
In 2002, Quebec had international product exports of US$68.245 billion.[8][13]
- 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$9,146 million
By country [13]:
- United States - CAD$ 56,046 Million
- United Kingdom - CAD$ 1,543 Million\
[edit] See also
[edit] References
- ^ ISQ. "Comparaisons économiques internationales" - "Profils économiques par pays et territoire" and "Tableaux comparatifs par indicateur", 2009-07-07.
- ^ ISQ. Le Québec chiffres en main, édition 2009, Québec, Institut de la statistique du Québec, 2009, retrieved May 17, 2009.
- ^ http://www40.statcan.gc.ca/l01/cst01/econ15-eng.htm bGross domestic product, expenditure-based, by province and territory
- ^ ISQ. "Comparaisons économiques internationales: Sommaire, Québec, Institut de la statistique du Québec, 2009, retrieved May 17, 2009
- ^ Heather Scofield (08/04/2009). "Few bumps in la belle province's recession ride". Globe and Mail. http://www.theglobeandmail.com/subscribe.jsp?art=1240146.
- ^ "Institut de la statistique du Québec". Gouvernement du Québec. 3 octobre 2010. http://www.stat.gouv.qc.ca/publications/comparaisons_econo/pdf/quebec_monde.pdf.
- ^ "Le Québec : une économie dynamique". Gouvernement du Québec. 3 octobre 2010. http://www.gouv.qc.ca/portail/quebec/pgs/commun/portrait/economie/?lang=fr.
- ^ a b Statistics Canada
- ^ Natural Resources Canada
- ^ [1]
- ^ http://minerals.usgs.gov/minerals/pubs/commodity/niobium/mcs-2011-niobi.pdf
- ^ http://minerals.usgs.gov/minerals/pubs/commodity/titanium/mcs-2011-timin.pdf
- ^ a b Institut de la statistique du Quebec (ISQ)
[edit] External links
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