Exhibit 99.17
Excerpts from Section E - “The Québec Economy: Recent Developments and Outlook for 2018 and 2019” of “Budget 2019-2019 - The Québec Economic Plan – March 2018”, March 27, 2018
TABLE E.3
| Economic outlook for Québec |
| (percentage change, unless otherwise indicated) |
| | | 2017 | | | 2018 | | | 2019 | |
| Output | | | | | | | | | |
| Real gross domestic product | | 3.0 | | | 2.1 | | | 1.7 | |
| Nominal gross domestic product | | 4.4 | | | 3.5 | | | 3.3 | |
| Nominal gross domestic product ($billion) | | 412.3 | | | 426.6 | | | 440.6 | |
| Components of GDP (in real terms) | | | | | | | | | |
| Final domestic demand | | 3.3 | | | 2.7 | | | 1.5 | |
| – Household consumption | | 3.3 | | | 2.7 | | | 1.8 | |
| – Government spending and investment | | 1.7 | | | 1.7 | | | 1.1 | |
| – Residential investment | | 7.5 | | | 3.7 | | | −2.2 | |
| – Non-residential business investment | | 5.0 | | | 5.1 | | | 3.1 | |
| Exports | | 1.7 | | | 2.7 | | | 2.4 | |
| Imports | | 3.7 | | | 2.3 | | | 1.8 | |
| Labour market | | | | | | | | | |
| Population (thousands) | | 8 394.0 | | | 8 458.3 | | | 8 521.8 | |
| Population aged 15 and over (thousands) | | 6 931.9 | | | 6 976.5 | | | 7 019.0 | |
| Jobs (thousands) | | 4 223.3 | | | 4 283.9 | | | 4 314.0 | |
| Job creation (thousands) | | 90.2 | | | 60.6 | | | 30.1 | |
| Unemployment rate (%) | | 6.1 | | | 5.4 | | | 5.3 | |
| Other economic indicators (in nominal terms) | | | | | | | | | |
| Household consumption | | 4.5 | | | 4.3 | | | 3.3 | |
| – Excluding food and rent | | 4.8 | | | 4.5 | | | 3.3 | |
| Housing starts (thousands of units) | | 46.5 | | | 40.3 | | | 33.8 | |
| Residential investment | | 9.5 | | | 5.5 | | | −0.2 | |
| Non-residential business investment | | 5.3 | | | 5.4 | | | 4.7 | |
| Wages and salaries | | 4.6 | | | 4.1 | | | 3.2 | |
| Household income | | 3.8 | | | 3.7 | | | 3.3 | |
| Net operating surplus of corporations | | 11.9 | | | 4.9 | | | 4.8 | |
| Consumer price index | | 1.0 | | | 1.8 | | | 1.8 | |
| – Excluding food and energy | | 0.8 | | | 1.4 | | | 1.6 | |
| GDP per capita ($) | | 49 117 | | | 50 436 | | | 51 702 | |
| Disposable income per capita ($) | | 28 817 | | | 29 761 | | | 30 487 | |
| Sources: | Institut de la statistique du Québec, Statistics Canada, Canada Mortgage and Housing Corporation and Ministère des Finances du Québec. |
| | The Québec Economy: | |
| | Recent Developments and Outlook for 2018 and 2019 | E.23 |
TABLE E.9
| Canadian financial markets |
| (average annual rate in per cent, unless otherwise indicated, end-of-the-year data in brackets) |
| | | 2017 | | 2018 | | 2019 | | 2020 |
| Target for the overnight rate | | 0.7 (1.0) | | 1.5 (1.8) | | 2.0 (2.3) | | 2.5 (2.8) |
| 3-month Treasury bills | | 0.7 (1.1) | | 1.4 (1.7) | | 2.1 (2.4) | | 2.6 (2.8) |
| 10-year bonds | | 1.8 (2.0) | | 2.5 (2.7) | | 2.9 (3.1) | | 3.3 (3.5) |
| Canadian dollar (in U.S. cents) | | 77.1 (79.5) | | 81.4 (80.9) | | 80.4 (80.0) | | 80.0 (80.0) |
| Sources: | Statistics Canada, Bloomberg and Ministère des Finances du Québec. |
| | The Québec Economy: | |
| | Recent Developments and Outlook for 2018 and 2019 | E.47 |
