Economy of Quebec

The economy of Quebec is diversified and post-industrial with 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 380.9 billion or 19.0% of Canada's GDP. For the 2022-2023 period, Quebec's budget was C$22 billion. This budget planned to provide$8,9 billion more to the healthcare sector over 5 years. The economy of Quebec represents 20.36% of the total GDP of Canada. Like most industrialized countries, the economy of Quebec is based mainly on the services sector. Quebec's economy has traditionally been fuelled by abundant natural resources, a well-developed infrastructure, and average productivity. The provincial GDP in 2021 was C$504,5 billion, making Quebec the second largest economy in Canada. The provincial debt-to-GDP ratio peaked at 50.7Quebec's economy has undergone tremendous changes over the last decade. Firmly grounded in the knowledge economy, Quebec has one of the highest growth rate of GDP in Canada. The knowledge sector represents about 30.9$4.1B or, above the European Union average of 1.