Mounting Pressure: Quebec’s Three-Year Outlook—July 2023

Mounting Pressure: Quebec’s Three-Year Outlook—July 2023

Pages:14 pages15 min read

Author: The Conference Board of Canada


This quarterly economic forecast for the province of Quebec examines the economic outlook for the province, including gross domestic product (GDP), output by industry, and labour market conditions.

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This quarter, we look at the growth of Quebec’s economy over the next three years, employment, immigration, housing, investment and trade, and the implications of Budget 2023–­2024.

In 2023, Quebec’s economy will grow by just 0.6 per cent, the second lowest growth rate for all provinces. Will this deceleration continue for the next two years? What are the implications of lower immigration to Quebec relative to the rest of Canada? Quebec’s labour market, one of the tightest in the country, has so far remained resilient in the face of higher interest rates. However, there are signs of an impending slowdown. How will households react as higher interest rates increasingly weigh on the economy?

Read the outlook to get our full analysis.

Key findings
Quebec snapshot
Labour market and households
Investment outlook
Government outlook
Trade outlook

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