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The
Québec economy outperforms neighbouring economies
Like
the other industrialized nations, Québec experienced
a considerable slowdown in economic growth in 2001. However,
Québec outperformed its neighbours in the second half
of the year by posting greater increases in output and job
creation. Since last June, 63 000 jobs have been created in
Québec, more than in the rest of Canada.
Household
confidence has increased by nearly 30% since last October.
Retail sales are up, and the number of residential housing
starts is very high. Exports have improved and investment
intentions for 2002 are progressing more rapidly in Québec
than in the rest of Canada.
The
economic outlook confirms the forecast of 1.7% growth in gross
domestic product (GDP) in 2002. Growth should reach 2.9% in
2003.
Overall,
economic conditions remain favourable to continued growth
in Québec. Economic activity should increase in 2002
as the full impact of the Action Plan to Support Employment
and Economic Activity is felt and economic growth picks up
pace in the United States and Canada.
This
three-part action plan has involved the following initiatives:
- rapid
injection of $400 million in favour of consumers;
- measures
to support SMBs and private-sector investment;
- $3-billion
public-sector investment acceleration plan.
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