Québec, December 20, 2024. – In the third quarter of 2024, Québec’s real gross domestic product (GDP) at market prices was up 0.4% from the previous quarter (+0.6%). At an annualized rate, this was a 1.8% increase.
The real GDP increase in the third quarter was mainly due to final consumption expenditures. However, GDP growth was hindered by a slowdown in inventory accumulation and a deterioration in the trade balance in the third quarter. That was revealed today in Comptes économiques du Québec, 3e trimestre 2024 published by the Institut de la statistique du Québec.
| Real gross domestic product at market prices and its main components1 (percentage change) |
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| Québec | Canada | |||||||||||||
| 2024 | 2024 | |||||||||||||
| Q2 | Q3 | Cumulative change 2 |
Q2 | Q3 | Cumulative change2 |
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| Real gross domestic product at market prices | 0.6 | 0.4 | 1.0 | 0.5 | 0.3 | 1.1 | ||||||||
| Final domestic demand | 0.2 | 1.0 | 1.5 | 0.6 | 0.6 | 1.3 | ||||||||
| Final consumption expenditure | 0.4 | 1.3 | 1.9 | 0.4 | 0.9 | 1.9 | ||||||||
| Households | 0.4 | 1.1 | 2.2 | 0.2 | 0.9 | 1.8 | ||||||||
| General governments | 0.5 | 1.6 | 1.6 | 0.9 | 1.1 | 2.4 | ||||||||
| Gross fixed capital formation | –0.6 | –0.1 | –0.3 | 1.9 | –0.5 | –0.9 | ||||||||
| Businesses | –0.6 | 0.0 | –0,5 | 0.8 | –0.9 | –2.0 | ||||||||
| General governments | –0.6 | –0.6 | 0.3 | 2.2 | 1.6 | 4.3 | ||||||||
| Exports of goods and services | 0.8 | 0.5 | 2.0 | –1.4 | –0.3 | 1.1 | ||||||||
| Imports of goods and services | 1.1 | 0.8 | 1.8 | –0.2 | –0.1 | 0.7 | ||||||||
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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 2017). 2. Change in the first three quarters of 2024 from the same quarters of 2023. Sources |
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Final consumption expenditures up
Final consumption expenditures were up 1.3% in the third quarter of 2024, supported mainly by growth in the final consumption expenditures of households (+1.1%) and governments (+1.6%). Growth in household expenditures was observed for both the purchase of goods (+1.2%) and the use of services (+1.0%).
Investment in inventories negatively impacted real GDP growth
Change in inventories reduced GDP growth by 0.42 percentage points in the third quarter of 2024, due to a $2.0 billion decline in inventory accumulation in the third quarter ($3.0 billion vs. $5.0 billion).
Foreign trade balance deteriorated
The total export volume was up 0.5% from the second to the third quarter of 2024, while the import volume rose 0.8% over the same period. Since imports increased more than exports, the foreign trade balance contributed negatively to real GDP growth.
Slight decrease in investment spending
In the third quarter, investment spending decreased by 0.1% from the previous quarter. The drop in business investment spending on non-residential structures
(-1.8%) and machinery and equipment (-2.0%) more than offset the increases in spending on residential buildings (+1.4%) and intellectual property products (+1.4%). Government investment spending decreased by 0.6%.
Canada’s real GDP at market prices up in the third quarter of 2024
According to data released by Statistics Canada on November 29, Canada’s real GDP at market prices rose by 0.3% in the third quarter of 2024, after a 0.5% increase in the previous quarter.
Québec’s real GDP at basic prices up 0.1% in September 2024
In September 2024, Québec’s real gross domestic product (GDP) at basic prices was up 0.1% from the previous month after a 0.1% increase in August 2024. This was revealed in Produit intérieur brut par industrie au Québec, septembre 2024 released today by the Institut de la statistique du Québec.
Goods production declined by 0.4%
Output in the goods-producing industries was down 0.4% in September, after decreasing 0.2% in August. The decline in September came mainly from manufacturing (-0.7%) and mining, quarrying, and oil and gas extraction (-4.6%).
The decline in manufacturing was mainly due to drops in the food manufacturing
(-2.2%) and chemical manufacturing (-3.1%) subsectors.
Service production up 0.3%
In September, output in the service industries was up 0.3%, following a 0.3% increase in August. The growth in September was mainly attributable to retail trade (+1.3%), educational services (+0.9%), and health care and social assistance (+0.5%).
Canada’s real GDP at basic prices up 0.1% in September 2024
According to data published by Statistics Canada on November 29, 2024, Canada’s real GDP at basic prices was up 0.1% in September after remaining essentially unchanged in August. In September, goods-producing industries were down 0.3%, while service-producing industries grew by 0.2%.
For 25 years, the Institut de la statistique du Québec has been producing, analyzing, and disseminating official, objective and high-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 an essential source of information for all those wishing to learn more about Québec.