Quebec 18-K/A Annual report (foreign governments) (amended)

Exhibit 99.12

Excerpts from Section C - “The Québec Economy: Recent Developments and Outlook for 2015 and 2016” of “Budget 2015-2016 - The Québec Economic Plan”, March 26, 2015

TABLE C.3

Economic outlook in Québec

(percentage change, unless otherwise indicated)
	2014		2015		2016
Output
Real gross domestic product		1.5		2.0		2.0
Nominal gross domestic product		3.5		3.8		3.4
Nominal gross domestic product (billions $)		376		390		403
Components of GDP (in real terms)
Final domestic demand		1.2		1.6		1.3
–  Household consumption		2.1		2.4		1.9
–  Government spending and investment		1.0		0.0		0.0
–  Residential investment		0.1		0.8		–1.5
–  Non-residential business investment		–2.5		2.8		3.8
Exports		2.5		3.7		3.0
Imports		1.3		1.9		1.9
Labour market
Population (thousands)		8 215		8 282		8 348
Population aged 15 and over (thousands)		6 802		6 852		6 897
Jobs (thousands)		4 060		4 097		4 132
Job creation (thousands)		–1.1		37.0		35.6
Job creation		0.0		0.9		0.9
Unemployment rate (%)		7.7		7.5		7.3
Employment rate (%)		59.7		59.8		59.9
Other economic indicators (in nominal terms)
Household consumption		3.6		3.6		3.8
–  Excluding food and rent		3.7		3.5		3.8
Housing starts (thousands of units)		38.8		36.8		35.7
Residential investment		2.4		3.5		0.5
Non-residential business investment		0.1		6.5		5.7
Wages and salaries		2.0		3.4		3.4
Household income		2.7		3.4		3.3
Net operating surplus of corporations		6.7		8.7		6.5
Consumer price index		1.4		1.4		2.3
–  Excluding food and energy		1.1		2.0		1.7
GDP per capita ($)		45 715		47 084		48 295
Disposable income per capita ($)		27 325		28 118		28 877

Sources: Institut de la statistique du Québec, Statistics Canada, Canada Mortgage and Housing Corporation and Ministère des Finances du Québec.

C.30

TABLE C.5

Canadian financial markets

(average annual percentage rate, unless otherwise indicated)
	2013		2014		2015		2016
Target for the overnight rate		1.0		1.0		0.6		0.8
3-month Treasury bills		1.0		0.9		0.6		0.9
10-year bonds		2.3		2.2		1.7		2.6
Canadian dollar (in U.S. cents)		96.6		90.2		78.1		77.1

Sources: Statistics Canada, Bloomberg and Ministère des Finances du Québec.

C.44