Economic analysis shows that Canada's oil sands generate significant economic benefits for Quebecers, including 16,200 jobs, $1.25 billion in GDP and $215 million in government revenues, according to an independent study prepared by AppEco titled Les retombées économiques au Québec de l'exploitation des sables bitumineux du Canada.
The study found Canada's oil sands had a substantial impact on Quebec's economy in terms of employment, gross domestic product (GDP) and tax revenue, in a 12-month period between 2014 and 2015.
A total of 371 Quebec companies earned $1.2 billion in business contracts, of which more than $585 million were awarded to companies located on the Island of Montreal, $402 million in the North and South shores of Montreal, $33 million in the Greater Québec Area and $210 million elsewhere in Quebec. These investments were mainly awarded in the transport, machinery manufacturing and retail trade sectors.
Furthermore, about 16,200 jobs were created or maintained by Canadian oil sands producers' expenditures in Quebec, including more than 7,500 jobs on the Island of Montreal.
Expenditures also added $1.25 billion (1.5 per cent) to Quebec's GDP, including $557 million in direct GDP.
The portion of revenues for the Government of Quebec totaled $215 million.
Quebec suppliers are also contributing significant advances in oil sands innovation and technology as referenced in the case study of GHGSat, a Montreal-based aerospace company that helps the oil sands sector monitor and cut greenhouse gases emissions.
The Canadian Association of Petroleum Producers quotes: Jeff Gaulin - vice president of communications
SOURCE: Canadian Association of Petroleum Producers
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.