Québec, September 23, 2021. – In the second quarter of 2021, Québec’s real gross domestic product at market prices was up 0.8% from the previous quarter (+1.9%). At an annualized rate, this was a 3.4% increase. GDP growth in the second quarter came from an increase in final domestic demand.
After two quarters in 2021, Québec’s real GDP at market prices was 9.6% higher than in the same period last year. That was revealed today in ComptesComptes économiques du Québec, 2e trimestre 2021 économiques du Québec, 2e trimestre 2021 published by the Institut de la statistique du Québec.
After a 0.9% increase in the first quarter, final domestic demand grew by 1.3% in the second quarter of 2021. This growth was largely due to a 1.5% increase in household final consumption expenditure, which was mainly attributable to purchases of services (+3.0%). General governments final consumption expenditure rose by 0.7%.
In the second quarter of 2021, gross fixed capital formation grew by 1.5%, due in part to an increase in business investment (+1.6%). General governments gross fixed capital formation was up by 1.2%.
Québec’s total exports of goods and services were down (-0.4%) in the second quarter of 2021, partly due to a decline in international exports of goods (-1.2%). As for Québec’s total imports of goods and services, they were up 2.1% in the second quarter, and this growth was mostly attributable to an increase in international imports of goods (+3.5%). As a result, the external sector negatively impacted real GDP growth in the second quarter.
According to data released by Statistics Canada on August 31, Canada’s real GDP at market prices decreased by 0.3% in the second quarter of 2021 following a 1.4% increase in the first quarter.
Real gross domestic product at market prices and its main components1 (percentage change)
|Q1||Q2||Cumulative change2||Q1||Q2||Cumulative change2|
|Real gross domestic product at market prices||1.9||0.8||9.6||1.4||–0.3||6.1|
|Final domestic demand||0.9||1.3||8.3||1.6||0.2||7.2|
|Final consumption expenditure||0.4||1.2||7.1||0.9||0.5||5.9|
|Gross fixed capital formation||2.5||1.5||13.1||3.9||–0.8||12.0|
|Exports of goods and services||1.1||–0.4||5.1||0.8||–4.0||3.5|
|Imports of goods and services||–0.8||2.1||6.7||1.1||–0.0||9.8|
1. Changes in real gross domestic product at market prices and its components are calculated from seasonally-adjusted data and are expressed in chained dollars using the chain Fisher index (reference year 2012).
Québec’s real GDP at basic prices grew 0.9% in June 2021 after decreasing 0.4% in May. In all, 16 of the 20 major economic sectors posted growth in June. That was revealed in Produit intérieur brut par industrie au Québec, juin 2021 released today by the Institut de la statistique du Québec.
Output in service industries rose by 1.1% in June 2021 following a 0.2% gain in May. The growth in June was primarily due to an increase in the accommodation and food services sector (+26.4%).
The output level of goods-producing industries increased by 0.5% in June 2021 after declining 1.9% in May. The increase in June came mainly from gains in manufacturing (+1.6%) and utilities (+5.0%).
According to data published by Statistics Canada on August 31, Canada’s real GDP at basic prices rose 0.7% in June 2021. Service-producing industries grew by 0.7%, and goods-producing industries, by 0.9%.
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