Montreal's per-capita GDP stays at 80% of Toronto's

The Canadian Press reported on November 10 that Montreal’s per-capita GDP, the value of goods and services produced for each resident, stayed at about 80% of Toronto’s, so the gap between the two cities did not narrow. The Institut du Québec, a research group, found that Montreal is not catching Toronto, though Quebec’s regions have nearly caught Ontario.

With Toronto and Montreal excluded, Quebec’s per-capita GDP was 91% of Ontario’s in 2011. By 2022 the regions’ figure had reached 99%, nearly closing the gap.

But Jean-Baptiste Vallantin-Dulac, an Institut du Québec economist, said Montreal has not necessarily performed poorly. He said Toronto’s economy leans heavily on the lucrative finance and insurance sectors.

The research group warns that the gap between the two cities may widen if Quebec does not reverse its immigration policies to attract a highly skilled workforce.

Sources: CityNews