Notice of release
Québec, March 29, 2021. – In the spring of 2020, Québec’s real gross domestic product (GDP) at basic prices registered a historic decline due to the COVID-19 pandemic. This drop was followed by a period of recovery. By December 2020, 10 out of 20 economic sectors had rebounded to or exceeded their February 2020 production levels, i.e. their levels before the start of the pandemic. On the other hand, in two sectors, the output level at the end of the year was less than 60% of that in February.
This information comes from an analysis published today by the Institut de la statistique du Québec based on the most recent monthly GDP by industry data.
Real GDP by industry in Quebec, April and December 2020 levels compared to February 2020
Source : Institut de la statistique du Québec
Highlights
- Québec’s real GDP registered a historic decline between February and April 2020 (-22.9%). The sectors most affected during this period were construction (-73.6%), accommodation and food services (-63.2%), arts, entertainment and recreation (-53.2%), and mining, quarrying, and oil and gas extraction (-46.9%).
- This drop was followed by a recovery during the summer. By December 2020, Québec’s real GDP had rebounded to 98.0% of its level in February 2020, i.e. before the crisis. However, Québec’s economic sectors evolved at different rates.
- The sectors that surpassed their pre-crisis production levels include agriculture, forestry, fishing and hunting (this sector’s GDP in December 2020 was 110.4% of that in February), followed by retail trade (106.4%), finance and insurance (103.1%), health care and social assistance (102.5%), and professional, scientific and technical services (102.4%).
- In contrast, several sectors still had lower production levels in December 2020 than in February. Among the sectors that recovered the least from the pandemic recession were arts, entertainment and recreation, whose production level at the end of the year was only 51.1% of that in February, as well as accommodation and food services (56.8%) and transportation and warehousing (83.3%).
The Institut de la statistique du Québec produces, analyzes and disseminates official, objective and quality statistical information on various aspects of Québec society. It is responsible for conducting all statistical surveys of general interest. The relevance of its work makes it a strategic ally for decision makers and all those wishing to learn more about Québec.