Québec, November 26, 2024. – In August 2024, Québec’s real gross domestic product (GDP) at basic prices was up 0.2% from the previous month after a 0.4% increase in July 2024. This was revealed in the publication Produit intérieur brut par industrie au Québec, août 2024 released today by the Institut de la statistique du Québec.
Goods output remained relatively stable
Output in the goods-producing industries was essentially unchanged in August, after growing 0.2% in July. The sectors that posted increases in August include agriculture, forestry, fishing and hunting (+2.6%), manufacturing (+0.3%), construction (+0.5%), and mining, quarrying, and oil and gas extraction (+1.4%). However, these increases were offset by a decline in utilities (-4.5%), which was mainly due to the electric power generation, transmission and distribution subsector (-5.1%).
Service production up 0.3%
The output of service-producing industries was up 0.3% in August after a 0.5% increase in July. The growth in August was mainly due to retail trade (+1.5%) and finance and insurance (+0.7%).
Cumulative total for the first eight months of 2024: Québec’s real GDP up 1.1%
For the first eight months of 2024, Québec’s real GDP was 1.1% higher than in the same months of 2023. The sectors that contributed the most to this increase are real estate and rental and leasing (+2.6%), wholesale trade (+4.6%), finance and insurance (+2.8%), and health care and social assistance (+2.0%).
Canada’s real GDP at basic prices stable in August 2024
According to data published by Statistics Canada on October 31, 2024, Canada’s real GDP at basic prices remained essentially unchanged in August after increasing 0.1% in July. Goods-producing industries decreased by 0.4%, while service-producing industries grew 0.1%.
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Real gross domestic product by industry1 |
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| 2023 | 2024 | |||||
| Annual change | Monthly change | Cumulative change2 | ||||
| July | August | |||||
| Québec | 0.6 | 0.4 | 0.2 | 1.1 | ||
| Canada | 1.2 | 0.1 | 0.0 | 1.1 | ||
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1. Gross domestic product levels by industry are valued at basic prices in chained dollars (2017), seasonally adjusted and annualized. Sources |
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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 an essential source of information for all those wishing to learn more about Québec.