Quebec's economy is stalled, with zero growth, National Bank economist says

"To be frank, it's ugly and it's not acceptable."

— Stéfane Marion, National Bank chief economist

Average effective US tariff on Quebec exports

11.5 %

The bank puts the average effective US tariff on Quebec exports at 11.5 per cent. Quebec manufacturing has shrunk 4.8 per cent in 12 months, against about 2.5 per cent in the rest of Canada.

Quebec has lost about 130,000 jobs since January, and Marion says half of that comes from an aging population and lower immigration. The new government plans to cut permanent immigration to 35,000 a year from 45,000.

And us?

The Bank of Canada raised its policy rate Wednesday and lifted its 2027 inflation forecast to 3.1 per cent from 2 per cent, which Marion says points to more hikes and could slow Quebec further.