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Quebec budget

Quebec: Budget 2022. Inflation Influences Budget Choices

March 22, 2022
Jimmy Jean, Vice-President, Chief Economist and Strategist • Benoit P. Durocher, Principal Economist

With the gradual return to normal of the pandemic situation, economic conditions are much more favourable for the Quebec government. On one hand, the reopening of many sectors drove up real GDP, estimated by the Ministère des Finances at 6.3% in 2021. On the other hand, sharp price increases are causing an even greater expansion in nominal GDP, which could grow by 11.3% in 2021. Nominal GDP growth is expected to be 6.4% in 2022, very high from a historical standpoint. The unemployment rate also decreased significantly, dropping back to its historic low of 4.5% in February.

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