Prospera: Québec’s Economic Barometer

Rather focusing on cyclical changes, Prospera highlights the economy’s structural features and key trends. In so doing, it enables more effective response to change. In addition, the Barometer feeds discussion on public-policy effectiveness in Québec and the country as a whole.

Its methodology, which was developed by economist Francois Delorme, uses 28 variables and has been validated by a committee of experts that includes economist Pierre Fortin. Prospera’s 2024 edition also focused on the issue of energy transition

The Barometer’s index shows that Québec’s economy improved by 32.3% between 1980 and 2022, while that of Canada as a whole improved by 29.1% and that of Ontario by 25.4%

Over the course of the past 40 years, three factors have had a significant impact on Québec’s economic prosperity, namely:

• Per capita economic growth measured by the ratio of GDP to the working-age population (15-64)
• Student-graduation rates
• Physical and human capital

Together, these three variables account for half of the increase in Québec’s overall index. Consequently, they are essential for fostering the province’s sustainable economic growth.

Québec’s energy demand, production, and capacity

Québec is characterized by relatively stable energy demand, even as demand is rising across the country as a whole. In 2019, Québec led all provinces in electricity production, due primarily to its hydroelectric-power output (94%). Its per capita energy consumption, however, remains higher than Ontario’s, which raises questions about energy efficiency.

Québec’s energy inefficiency

Energy inefficiency is a major challenge for the province, with nearly half of its energy production squandered, resulting in no economic value. The chief culprits in this regard are the transportation (34%), industry (23%), and construction (15%) sectors.

On June 3, members of the business community attended the unveiling of Prospera, Québec’s Economic Barometer.

The event provided an opportunity to hear Quadrat Conseils founder and President Alain Robichaud present his brainchild, Prospera, and its annually updated results. The event also provided attendees with an opportunity to hear the views of François Delorme, associate professor at Université de Sherbrooke, on challenges relating to Québec’s energy transition.

A panel discussion bringing together players from the economic and energy sectors gave rise to an exchange of viewpoints on the issue of Québec’s energy transition and the challenges for the province’s businesses in this regard. The event, which was moderated by BCF Managing Partner Julie Doré, brought together:

• Pierre Fitzgibbon
  Québec Minister of the economy, innovation, and energy;
• Alain Brisebois
  President, CWP Energy;
• Kathleen Vaillancourt 
  President, ESMIA Consultants
• Hugues Girardin 
  Executive Vice-President and General Manager, North America, Boralex

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