- Covers 35 years of data
- Underscores three turning points in Quebec's economy
- Consists of 26 variables
- Shows an improvement of 23.9% in Quebec's economic health over the last 35 years
- Employs a methodology tested by numerous experts on the Quebec economy
MONTREAL, May 10, 2017 /CNW/ - How well is the Quebec economy doing? Is it healthy? PwC Canada asked these questions and, in its search for answers, created a new single, comprehensive and diagnostic index.
This new index, named the "Quebec Economic Health Index", indicates that the economy of Quebec is healthy. It shows an overall increase of 23.9% between 1980 and 2015.
The Index covers a period of 35 years, from 1980 to 2015, including two economic recessions, to create a detailed view of changes in the health of the Quebec economy. "We made an inventory of North American indexes, and found nothing like it," said Nicolas Marcoux, National Managing Partner, Montréal Office and Major Cities. "It is a diagnostic index, since it covers a long period of our history. We performed a health assessment of our economy."
The Index provides a change of analytic perspective through its integrative view of the economy. By integrating 26 variables, each with active roles in the economy, it has been able to develop a holistic view that is more comprehensive and that captures the strength of the economy.
The three variables that have contributed over 60% Quebec's economic strength are:
- GDP / 16-64 age group
- High school graduation rate (total population)
- R&D spending
The variables that have worked against Quebec's economic health are:
- Business demographics / withdrawals
- Working-age population (decrease)
- Net public debt / GDP
Quebec's economic health improved by 23.9% over the last 35 years particularly due to the following factors:
- The massive entry of women into the labour market;
- The diversification of Quebec's industrial base;
- An educated population; and
- The successful integration of immigrants.
"The analysis reveals that an educated population and good integration of immigrants helps strengthen the structural foundation of the Quebec economy. The results also suggest that good industrial diversification has allowed Quebec to better face economic uncertainties in the global environment. The participation rate in the 45 years and older age group grew rapidly over the last 20 years, and this is a move in the right direction. Quebec's overall economic health grew vigorously from 1980 to 2010 but showed signs of running out of steam thereafter, as it was weakened by an ageing population." said Alain Robichaud, Consultant with PwC's Consulting Group.
This index employed the same methodology as that used by major economic institutions. It was developed by a team from PwC Canada with the collaboration of an economist specialized in the Quebec economy. A panel of experts in economics also participated to this initiative.
About PwC Canada
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SOURCE PwC (PricewaterhouseCoopers)
For further information: Claudia Landry, Public Relations Specialist, PwC, 514 205 5261, firstname.lastname@example.org