Economy of Quebec

Theeconomy of Quebecis diversified andpost-industrialwith an average potential for growth.It is highly integrated with the economies of the rest of Canada and the United States. Manufacturing and service sectors dominate the economy.
The economic heart of Quebec is the Montreal metropolitan area where half of Quebecers live. This region alone accounts for 53.4% of the province's gross domestic product (GDP), followed by the Quebec City metropolitan area (11.4%), Gatineau (3.2%), Sherbrooke (2.2%), Saguenay (1.9%) and Trois-Rivières (1.8%). In total, Quebec's GDP at market prices was CAD 381 billion or19%ofCanada's GDP.
For 2022-23, Quebec's budget was C$22 billion. This budget planned to provide $8,9 billion more to the healthcare sector over 5 years.Like mostindustrialized countries, the economy of Quebec is based mainly on theservices sector. Quebec's economy has traditionally been fuelled by abundant natural resources, well-developed infrastructure, and average productivity. The provincial GDP in 2021 was C$504,5 billion,making Quebec the second largest economy in Canada after Ontario.
The provincialdebt-to-GDP ratiopeaked at 50.7% infiscal year2012–2013, is now resting at 38.1 in 2022,and is projected to decline to 34% in 2023–2024.Thecredit ratingof Quebec is currentlyAa2according to theMoody'sagency.In June 2017,Standard & Poor's(S&P) rated Quebec as an AA− credit risk, surpassing Ontario for the first time.
Quebec's economy has undergone tremendous changes.Firmly grounded in theknowledge economy, Quebec has one of the highest growth rate of GDP in Canada. The knowledge sector represents about 31% of Quebec's GDP.In 2011, Quebec experienced faster growth of itsresearch-and-development(R&D) spending than other Canadian provinces.Quebec's spending in R&D in 2021 was equal to C$4.1B or, above theEuropean Unionaverage of 1.8%.The percentage spent on research and technology is the highest in Canada and higher than the averages for theOrganisation for Economic Co-operation and DevelopmentandG7countries.Approximately 1.1 million Quebecers work in the field of science and technology.
Since 2006, Quebec has a green plan in order to achieve the objective of theKyoto protocolon climate change.TheMinistère du Développement durable, de l'Environnement et des Parcs du Québec(Ministry of Sustainable Development, Environment and Parks) is primarily responsible for implementing environmental policy. For its part, the Société des établissements de plein air du Québec (SEPAQ) is the lead agency for the management of national parks and wildlife reserves. Quebec currently protects nearly 8.12% (135,326 km) of its territory.The first protected area was the creation of Mt. Royal Park in 1876 followed by theMont-Tremblant National Parkin 1894.
The Quebec government has been working to introduce theelectric carsince 1994, including contributing financing for technologies such as theTM4 MФTIVE, an electric motor designed and manufactured in Quebec.Hydro-Québechas recently tested more than 50i-MiEVin order to gradually introduce thecharging stationsacross the province. This is the largest pilot test of electric cars in Canada.Quebec was the first province in Canada to allow theZENNcar to drive on the roads.During the inaugural speech of 2011,Jean Charestannounced five priorities for the next 30 years including thePlan Nordand called for a revolution in electric cars.
On November 23, 2009, Premier Jean Charest announced targets for reducinggreenhouse gasesduring theUnited Nations Climate Change Conference in Copenhagen. Quebec will cut its emissions by 20% by the year 2020 compared to international reference of 1990. On January 14, 2010, a new law came into force to reduce greenhouse gases from automobiles which represent 40% of Quebec GHGs.This new law stipulates that car manufacturers serving the territory of Quebec must meet an emission ceiling of 187 grams of GHG/km or approximatively 7.7 L/100 km. This level must be reduced annually up to 127 grams of GHG/km or approximatively 5.3 L/100 km in 2016. These standards are as stringent as those in California (United States), according to the Government of Quebec.The provincial government plans to offer up to $8,000 rebate towards the purchase of an electric car. The government hopes that by 2020, a quarter of cars purchased in Quebec will be electric.The plan would position Quebec as a world leader in electrified transportation according to Jean Charest.
Quebec became the first regionin North America to set acarbon tax. Since 2007, consumers pay a special tax on gasoline.Since July 2011, Quebec has imposed a carbon tax that affect more than 85% of industries in the province. This tax will be mandatory from 2013.The sectors affected by this carbon tax will have to reduce theircarbon dioxidebelow 25 000 kilotonnes per year. Only the forest industry, agriculture and waste industries are not affected by this tax.In addition, the Quebec government plans to recover 60% of putrescible organic matter by 2015 in order to reduce its emissions.Quebec climate policy has been harshly criticised by the federal government under Prime ministerStephen Harper. In 2010, former ministerJim Prenticehas openly criticized Quebec's plan to set GHG standards for motor vehicles sold in the province, describing it as "lunatic".However, ten months later, Prentice successor,John Baird, has praised Quebec as a world leader in GHG abatement.
Quebec is a leader in the transition to electric vehicles (EVs) in Canada and beyond. According to the latest data from Statistics Canada, Quebec had the highest number of EV registrations in the first quarter of 2022, with 7,522 vehicles. This accounted for 9.2% of the total new vehicle registrations in the province. Quebec was followed by Ontario, with 5,688 EV registrations (4.2% of total) and British Columbia, with 5,385 EV registrations (12.5% of total). The latter number includes the territories.
Quebec also led the country in EV market share for the whole year of 2022, with 36.7% of new vehicle registrations being electric. Ontario was second, with 31.5%, and B.C. was third, with 23.9%. These three provinces accounted for over 90% of the total EV registrations in Canada in 2022.Quebec's high EV market share can be attributed to several factors, such as its abundant hydroelectricity, its rich mineral resources, its strong government support, and its competitive fuel economy and cost.
The province has set ambitious targets to achieve carbon neutrality by 2050, put 1.5 million EVs on the road in Quebec by 2030, and electrify 55% of city buses and 65% of school buses by 20301. To support these goals, the Quebec government has announced various measures in the recent budget for 2022–2023.
One of these measures is a reduction in rebates available for the purchase of EVs, from $8,000 to $6,000 for new vehicles and from $4,000 to $3,000 for used vehicles. This decision reflects the growing demand and affordability of EVs in the province, as well as the need to ensure the sustainability of the program. However, the government has also allocated new funds for EV charging infrastructure and building out the province's EV battery supply chain.
Federal Energy and Natural Resources Minister Jonathan Wilkinson announced nearly $30 million in funding for the installation of more than 1,500 new electric vehicle (EV) charging stations in Quebec.The Quebec government announced that they are adding more than 116,000 additional charging stations to the province by investing more than $514 million over the next five years (2023-2028).This will increase the accessibility and convenience of EV charging for drivers and reduce range anxiety across the province.
Quebec is on track to become a major player in the electric vehicle (EV) industry, thanks to its ambitious strategy to develop a domestic battery supply chain. The province has several advantages, such as abundant hydroelectricity, rich mineral resources, and strong government support, that make it an attractive destination for EV battery manufacturing and related activities.
The Quebec government has been actively promoting the adoption of EVs in the province and has allocated new funds for EV charging infrastructure and battery supply chain development.Investissement Québec, the province's investment arm, acts as a venture capitalist and provides substantial backing for critical mineral projects, giving a vote of confidence and enticing private capital. The province's battery sector development strategy, theStratégie québécoise de développement de la filière batterie, aims to develop a comprehensive battery supply chain in Quebec by acting as a catalyst for the sector's value chain.
Quebec has also attracted several major investments from global players in the battery industry. For instance,Northvolthas confirmed its joining Canada's EV battery manufacturing ecosystem with a 170-hectare, $7-billion, 60 GWh-capacity site, enough to power roughly one million EVs a year, that will provide 3,000 jobs in theMcMastervilleandSaint-Basile-le-Grandarea.Ford Motor Coand Korean companies EcoProBM andSK Onhave announced that they will build a C$1.2 billion ($887 million) plant to produce EV battery materials inBecancour.BASFhas announced that it plans to build a factory in Quebec to produce cathode active materials with production expected to start by 2025.Finally, the governments of Quebec and Canada are working closely with Volta Energy Solutions Canada Inc. (VESC) on the establishment of a new copper foil facility inGranby.Copper foils are a core, high-value component in EV batteries, and this new installation will yet again reinforce Canada and Quebec's position as a key destination for the future of EV manufacturing.
These initiatives will help Quebec achieve its goal of developing its own complete domestic battery ecosystem and supporting clean technologies. Quebec is poised to become a leader in the EV industry and contribute to the global transition towards a low-carbon economy.
Québec is one of the world's top three aerospace capitals, along withSeattleandToulouse.It has major contractors, leading technical centres and world-class equipment manufacturers in this sector. Québec's aerospace industry employs over 36,000 people, mostly in the Montréal area, which is home to one of the world's largest aerospaceclusters.It also has a strong presence in other regions, such asQuébec City,Saguenay–Lac-Saint-Jean,EstrieandMauricie.Québec's aerospace industry is recognized for its innovative drive and creativity. It invests over $700 million inR&Dannually, which represents 70% of Canada's aerospaceR&Dspending.It has close ties with universities, technical colleges and research centres that train and support the next generation of aerospace professionals.Montrealboasts a wide array of airlines, manufacturers, and international organizations. It hosts the headquarters ofAir Canada(the flagship airline of Canada) andBombardier(the world's third largest aircraft manufacturer). Additionally, jet engine companiesPratt & WhitneyandRolls-Royce Canada, defence contractorLockheed MartinandL-3 Communications, flight simulator builderCAE, helicopter manufacturerBell HelicopterandSITAhave a significant presence in and around the city. Since Montreal is located in the heart of a vast free trade zone governed by the formerNorth American Free Trade Agreement(NAFTA), now called theUSMCA, it gives companies access to a market of about 500 million consumers worldwide.Various international organisations have established their headquarters in Quebec, notably theInternational Air Transport Associationand theInternational Civil Aviation Organization.
Quebec is home to over 280 studios, making it one of the top five game development hubs in the world.Canadahas around 937 active studios, meaning Quebec accounts for over one-quarter of the country's total game dev workforce.On top of that, the study notes that 86 percent of the studios are Quebec-owned. This means that for all of the big-name international companies that have locations in Quebec, includingUbisoft(Assassin's Creed),Warner Bros. (Gotham Knights) andEA(Dead Space), there are many more that are independent or locally owned, including Behaviour, Sabotage (Sea of Stars), Red Barrels (Outlast) and Manavoid (Rainbow Billy). Besides lucrativetax creditsto encourage game development in the province, the study notes that the province's links to both theUnited StatesandEurope, as well as high standards of living andmulticulturalism, help make it a natural location for expansion. For example,Ubisoft Montreal, one of the oldest and biggest game development studios in the world, opened in the province in 1997 as an expansion to Ubisoft's early France-based operations. Behaviour was another early key player in the Quebec gaming industry in the '90s.
Quebecis a province that has embraced artificial intelligence as a key driver of innovation and economic growth. Its financial capital city,Montreal, is home to a thriving AI ecosystem that includes the world's largest concentration of academic researchers in deep learning at Mila,the Quebec artificial intelligence institute. Led by renowned experts such asYoshua Bengio,Joelle Pineau, Hugo Larochelle, and Irina Rish, Mila collaborates with industry partners and government agencies to advance AI research and applications for the common good and ethics. Montreal is also a global hub for artificial intelligence research with many companies involved in this sector, such asFacebookAI Research (FAIR),Microsoft Research,Google Brain,DeepMind,Samsung ResearchandThales Group(cortAIx).The city also hosts Scale AI, Canada's AI global innovation cluster that funds and supports AI projects for supply chains, and IVADO, a unique institute that connects researchers and businesses to develop AI solutions. Quebec's AI industry has attracted major investments from the Canadian government, such as the Canada First Research Excellence Fund, and from global companies, such asGoogle,Facebook,Microsoft, andIBM. Quebec's AI industry benefits from a strong foundation in academic excellence. Several world-renowned universities, including theUniversité de MontréalandMcGill University, have established themselves as leading centers for AI research. These institutions have been instrumental in nurturing top AI talent, which has played a crucial role in the industry's growth.
The engineering industry in Quebec is one of the most important and influential sectors in the province's economy and society. It has a long and rich history that dates back to the colonial era, when engineers played a key role in building and developing the infrastructure and public works of the region.Since then, the engineering industry in Quebec has evolved and diversified, offering a wide range of services and expertise in various fields such as transportation, energy, environment, construction, and manufacturing.
Quebec is home to many engineering firms that operate locally and internationally, providing consulting, design, project management, and construction services to clients from different sectors and regions. Some of the largest and most prominent engineering firms in Quebec areWSP GlobalandAtkinsRéalis(formerly SNC- Lavalin), both headquartered inMontreal. These two firms have been involved in some of the most iconic and complex projects in the world, such as theSamuel De Champlain Bridge, theRéseau express métropolitain,the Line atNEOM,theMarina Bay Sands,Shanghai Tower,One World Trade Centerand theTaiwan High Speed Rail line.
Quebec's engineering industry stands as a robust sector, actively contributing to the development and innovation across various fields. Its role in the province's and the country's economic and social progress is significant. Continuously adapting to societal and environmental changes, this industry consistently seeks new opportunities and addresses challenges. With a proud history and a focus on achievements, it maintains an optimistic and forward-looking approach, envisioning a promising future.
The Finance, insurance, real estate and leasing industry employs 218,000 people,including the largest money manager in Canada,Caisse de dépôt et placement du Québec. The Bank of Montreal, founded in 1817 in Montreal, was Quebec's first bank but, like many other large banks, its central branch is now in Toronto. Several banks remain under Quebecois control, including the National Bank of Canada, the Desjardins Group and the Laurentian Bank.
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 asBombardier,Paccar,Nova Bus,Prévost CAR,Komatsu International, and many suppliers and sub-contractors.
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 theSaint Lawrence Seaway. The income created by this traffic is over $90 million per annum.
ThePort of Montrealis the second biggest container handling port in Canada. Located on one of the largest navigable rivers in the world, theSaint 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.
BesidesMontreal, other deepwater ports are located inTrois-RivièresandBécancour, as well as inSorel-Tracy,Baie-Comeau,Port-CartierandSept-Îles. The last four ports specialise in handling bulk cargo and heavy merchandise.
Quebec'sinformation technologyemployed over 100,000 workers in 2008. Of the total Canadianventure capital funding52% is managed in Quebec with 61% of available funds invested in technology. Sectors of note includetelecommunications,multimediasoftware, computer services and consulting,microelectronicsand components. Its largest city,
Some 10,000 people work for 115 telecommunication companies such asBell Canada,Ericsson,Motorola, andMitec.
The multimedia sector was enhanced byElectronic Artsin 2003. Some 11,000people work for game development companies such asUbisoft,Microïds,Strategy First,A2M, andEidos Interactive.
Montreal has two major creators of 3D animation software:SoftimageandAutodesk 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.
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 thelaser,optical fibre,image processing, and related sectors.
The biotechnology sector inQuebecincludes more than 450 companies and organizations. Employing over 25,000 individuals and generating $5.6 billion in annual revenues, it encompasses a diverse array of players, from multinationals to small and medium-sized enterprises, research institutes, universities, and healthcare institutions.
Global players, includingPfizer,Moderna,Novartis, andMerck, have strategically established their roots within Quebec's borders.Pfizerstands tall in Quebec with its Canadian headquarters nestled inKirkland, alongside other offices inMontreal,Mississauga, andBrandon. Pfizer's legacy in developing small molecules, vaccines, and biologics extends across diverse therapeutic areas, from oncology to rare diseases and immunology.Moderna, a biotech firm, has chosenQuebecas the site for its first-ever plant outside theUnited States.Novartisboasts a significant Quebec presence through its divisions, including Novartis Pharmaceuticals Canada Inc., with headquarters inKirklandand aTorontolocation. Quebec is also home toSandozCanada Inc., a generic drug manufacturing subsidiary with an office inBoucherville. Finally,Merck, a global biopharmaceutical juggernaut, maintains two critical divisions inCanada. Merck Canada Inc., headquartered inKirkland, reinforces Quebec's position in the biotechnology landscape, while Merck Frosst Canada Ltd. inMontrealserves as a pivotal research and development center.
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 asMerck,Johnson & Johnson,Pfizer,Aventis,Novartis,Valeant,Galderma.GlaxoSmithKlineandBristol-Myers Squibb, Montreal ranks eighth in North America for the number of jobs in the pharmaceutical sector.
Tourism plays an important role in the economy of Quebec. Tourism represents 2.5% of Quebec's GDP and nearly 400,000 people are employed in the tourism sector.Nearly 30,000 businesses are related to this industry, of which 70% are located outside ofMontrealandQuebec City.In 2011, Quebec welcomed 26 million foreign tourists, most of them from the United States, France, the United Kingdom, Germany,Mexicoand Japan.
The province of Quebec has 22 tourist regions, each of which presents its geography, its history and culture. The capital, Quebec City, is the onlyfortified cityin North America and has its own European cachet. The oldest Francophone city in North America, Quebec City was named a World Heritage Site byUNESCOin 1985and has celebrated its 400th anniversary in 2008. Montreal is the only Francophone metropolis in North America and also the second largest Francophone city after Paris in terms of population.This major centre of 4 million inhabitants is a tapestry of cultures from the world over with its many neighbourhoods, including Chinatown, the Latin Quarter, the Gay Village, Little Italy, Le Plateau-Mont-Royal, the Quartier International and Old Montreal. Montreal has a rich architectural heritage, along with many cultural activities, sports events and festivals.
The province of Quebec has over 400 museums including theMusée des beaux-arts de Montréal, which is the oldest museum in Canada and one of the most important art institutions. It is Montreal's largest museum and is amongst the most prominent in Canada.
Quebec is also areligious tourismdestination.TheBasilique Sainte-Anne-de-BeaupréandOratoire Saint-Joseph du Mont-Royalare the most popular religious site in the province. In 2005, the Oratory was added to theList of National Historic Sites of Canadaon the occasion of its 100th anniversary.Quebec has over 130 church and Cathedrals. All of which bear witness to the many origins that colonized the region.
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 theCity of Quebecis the only fortified city in North America north of Mexico.
The most visited cities areMontrealandQuebec City, although a sizeable number also visit the city ofGatineauin the west, which forms part of the federalNational Capital Region(Ottawa).
Unlike most other regions of the world, Quebec stands out for its use ofrenewable energy. In 2008, electricity (more than 99% of which came from renewable energy sources) ranked as the main form of energy used in Quebec (41.6%), followed byoil(38.2%) andnatural gas(10.7%).
Quebec produces most of Canada'shydroelectricityand is the 2nd biggest hydroelectricity producer in the world (2019)Because of this, Quebec has been described as a potentialcleanenergy superpower.In 2019, Quebec's electricity production amounted to 214terawatt-hours (TWh), 95% of which comes from hydroelectric power stations, and 4.7% of which come fromwind energy.Thermal electricityproduction is almost completely absent from Quebec, except for a few power stations exploiting forestbiomassordieselgenerators which supply some twenty remote communities.
The public companyHydro-Québecoccupies a dominant position in the production, transmission and distribution of electricity in Quebec. Hydro-Québec operates 63 hydroelectric power stations and 28 large reservoirs; they guarantee a stable and flexible supply which adjusts according to demand.Because of the remoteness of Hydro-Québec'sTransÉnergiedivision, with its main facilities located inJames Bayand on theCôte-Nord, the TransÉnergie division operates the largest electricity transmission network in North America. Their network includes 34,361 km of lines and 17 interconnections with neighbouring markets,allowing for the export of 38.3 TWh in 2018 alone.
As Quebec has few significant deposits offossil fuels,allhydrocarbonsare imported.Refiners'sourcing strategies have varied over time and have depended on market conditions. In the 1990s, Quebec purchased much of its oil from theNorth Sea. Since 2015, it now consumes almost exclusively the crude produced inwestern Canadaand the United States.Quebec's two active refineries (Valero's inLévis, andSuncor's inMontreal) have a total capacity of 402,000 barrels per day, which is greater than local needs, which stood at 365,000 barrels per day in 2018.In 2021, an Ipsos poll found that 43% of Quebecers want their province to develop its own oil resources instead of continuing to import all the oil consumed in the province.
The natural gas consumed in Quebec arrives through theTC Energytransmission network. Since 2016, Quebec's main natural gas distributor, theÉnergircompany, has been getting its supply at the Dawn reception point in southwestern Ontario, instead of at its previous main source the Empress intersection in Alberta. This change has occurred because of an increase in the non-traditional production ofshale gasin North America, stimulating competition between the different supply basins operated across the continent. In 2018, 86% of natural gas came from Dawn and 12% from Empress. The rest consists of injections of natural gas produced locally by the recovery of residual materials.
The combination of rich and easily arable soils and relatively warm climate make the St. Lawrence River Valley Quebec's most prolific agricultural area. Throughout the province, there are 29,380 farm enterprises and 42,265 farmers.It producesmeat,dairyproducts,fruit,vegetables,foie gras,maple syrup(of which Quebec is the world's largest producer),fish, andlivestock. In Quebec, agricultural land accounts for only 2% of the province's total land area. In France, the figure is 58%, whereas in the United States, it is 45%.
Sugar maplesface manypestsanddiseases.AmongcaterpillarstheBruce spanworm,Forest tent caterpillar, andGypsy mothare most severe.Amongfungal diseasesthe greatest impact is due toEutypella canker(E. parasitica)andNectria canker(N. galligena),andArmillaria ostoyae root disease,Hardwood Trunk Rot, andTar spotare also significant.
Theagri-food industryplays an important role in the economy of Quebec, with meat anddairy productsbeing the two main sectors. It accounts for 8% of the Quebec's GDP and generates $19.2 billion. This industry generated 487,000 jobs in agriculture, fisheries, manufacturing of food, beverages and tobacco and food distribution.Quebec is in 1st place for the highest amount of milk produced and biggest amount of farms engaged in thedairy industry(2019).Animal production accounts for more than half of all farms in Quebec. Dairy production is the province's most important, accounting for 57% of farm enterprises and 26% of income. It is followed by hog production, which accounts for 15% of total revenue. The most major agricultural output is grain maize (for livestock).
Quebec's exports of food products increased by 75% between 1999 and 2002, reaching $3.6 billion. In 2002, more than 150 countries imported these products, 88% of them with three partners: the United States (75.1%), the European Union (5.5%) and Japan (7.4%). The most exported products are pork, various food preparations, and various agricultural and food products.
Quebec sells its products to the Eastern and Asian markets in such large quantities that China is now the second country (after the United States) that imports the most Quebec products with 4% of Quebec exports.
In Quebec, agricultural activities generated $9.1 billion in product sales revenue. The regions of Montérégie (30%), Chaudière-Appalaches (18%), and Centre-du-Québec (14%), account for 61% of total revenue.
Both theOrange Wheat Blossom MidgeandFusarium graminearumare present here.Individually they can be severe onwheat, but even moreso, the midge is avectorof the fungus.
Strawberryandraspberrygrowers are represented by theStrawberry and Raspberry Growers Association(APFFdQ).
36% of the country's strawberriesare grown here, the highest for any province or territory.APFFdQrecommendscultivarsfor the province:
ForraspberryvarietiesAPFFdQrecommendsBoyne,Killarney,Festival,Nova,Tulameen,Pathfinder,Polana.
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, andlumber. More than half of Quebec (nearly 900,000 km2) is covered in forests, a size nearly twice that of Sweden.
Thepulp and paper industrygenerates annual shipments valued at more than $14 billion.Theforest productsindustry 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. The forest industry has slowed in recent years because of thesoftwood lumber dispute.This industry employs 68,000 people in several regions of Quebec.This industry accounted for 3.1% of Quebec's GDP.In 2020, it accounted for 8% of Quebec's exports, nearly $12 billion of forest products each year, the second largest amount of any 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. In 2021, a study concluded that only 1% of Quebec's forests are harvested each year.
Québec has immense mining potential, and in 2021, it was the second highest mineral-producing province by value at $11.9 billion, coming second to British Columbia ($12.9 billion). The Abitibi also has the world's largest Archean volcano-sedimentary belt and is known for its gold, copper, zinc, and silver resources. Québec develops 17 metals and 12 nonmetals, giving it Canada's most diverse resource base. Without including corporate income tax, the Québec government received $1.3 billion in 2018, while the Government of Canada received an extra $500 million through mining activities.
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 ofgoldandiron.The province is also the world's second-largest producer ofniobiumand the third oftitanium dioxide.The province's first diamond mine is scheduled to commence operations in 2016.The province has 27mines, around 200 exploration firms, and 12 primary processing plants. In 2010 the value of mineral shipments from the province was about $6.8 billion.
Quebec exported C$98 billion in 2021, making it Canada's third highest exporter out of 13 exporters. Fixed wing aircraft, unladen weight (C$5.36B), aluminium unwrought, not alloyed (C$4.64B), aluminium unwrought, alloyed (C$4.24B), iron ore, concentrate, not iron pyrites, unagglomerate (C$4.22B), and wood; coniferous species, other than of... (C$2.65B) were Quebec's top exports in 2021.
In 2021, Canada's Quebec imported C$87.5B, making it the 2nd largest importer out of the 13 importers in Canada. In 2021 top imports of Quebec were Petroleum oils, oils from bituminous minerals,... (C$4.57B), Other Aircraft parts (C$2.76B), Parts of turbo-jet or turbo-propeller engines (C$2.28B), Petroleum spirit for motor vehicles (C$2.18B), and Medicaments nes, in dosage (C$1.83B).
In November 2022, Quebec exported mostly to United States (C$6.68B), China (C$309M), France (C$222M), Mexico (C$143M), and Germany (C$136M), and imported mostly from United States (C$3.06B), China (C$1.16B), Italy (C$378M), Germany (C$366M), and Brazil (C$309M).
TheNorth American Free Trade Agreement(NAFTA), grants Quebec, among other things, the access to a market of 130 million consumers within 1,000 kilometres (620 mi).With theWorld Trade Organization(WTO) and the NAFTA, Quebec is increasing its ability to compete internationally. Following these agreements, trade relations with other countries were boosted. As a result, Quebec has seen its exports increase significantly.
Exports for the year 2022 were 4.5% higher than in 2021
Approximately 85% of Quebec exports are destined for the United States. Economic relations between Quebec and France are important: in 2008, approximately 17,000 Quebecers are employed in 470 French companies in Quebec, and 26,000 French people work in 154 Quebec companies in France.
Several prominent Quebec companies work within the international market:CascadesandAbitibiBowaterpulp and paper producers,Agropurmilk producer,Bombardiertransport manufacturer,CGIinformation technologies,Cirque du Soleilcircus,Couche-Tardconvenience stores,Gardasecurity,Énergirpower distributor, Cossette marketing firm,Quebecormedia and telecommunications,Raymond Chabot Grant Thorntonaccounting firm,Saputodairy and food company,Vachonbakery,SNC-Lavalinengineering and construction group,Molsonbrewery, and many more.
Here are Quebec's largest companies based on market capitalization as of December 2023: