Québec, September 25, 2024. – In the second quarter of 2024, Québec’s real gross domestic product (GDP) at market prices was up 0.7% from the previous quarter (+0.9%). At an annualized rate, this was a 2.7% increase.
Growth in the second quarter was mainly due to an increase in government and household final consumption expenditure. External trade also contributed to real GDP growth. That was revealed today in Comptes économiques du Québec, 2e 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 | |||||||||||||
| Q1 | Q2 | Cumulative change2 | Q1 | Q2 | Cumulative change2 | |||||||||
| Real gross domestic product at market prices | 0.9 | 0.7 | 0.7 | 0.4 | 0.5 | 0.7 | ||||||||
| Final domestic demand | 1.0 | 0.4 | 0.9 | 0.8 | 0.6 | 1.3 | ||||||||
| Final consumption expenditure | 1.3 | 0.7 | 1.8 | 0.9 | 0.5 | 2.0 | ||||||||
| Households | 1.1 | 0.4 | 2.1 | 0.9 | 0.2 | 1.9 | ||||||||
| Governments | 1.6 | 1.5 | 1.0 | 0.8 | 1.5 | 2.2 | ||||||||
| Gross fixed capital formation | 0.2 | –0.7 | –2.5 | 0.3 | 0.9 | –1.2 | ||||||||
| Businesses | 0.5 | –1.1 | –1.5 | 05 | 0.5 | –1.9 | ||||||||
| Governments | –1.0 | 0.4 | –6.1 | –0.4 | 2.6 | 1,6 | ||||||||
| Exports of goods and services | –0.7 | 1.4 | 2.3 | 0.5 | –0.4 | 0.6 | ||||||||
| Imports of goods and services | –1.6 | 0.6 | 1.6 | 0.0 | –0.1 | 0.8 | ||||||||
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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). Sources |
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Growth in final consumption expenditure
Final consumption expenditure on goods and services increased by 0.7% in the second quarter of 2024, supported mainly by growth in government spending (+1.5%) and household spending (+0.4%). However, this growth remained slower than in the first quarter of 2024.
Improved foreign trade balance
In the second quarter of 2024, total exports rose by 1.4% from the first quarter, while imports grew at a slower pace, at a rate of 0.6%. Since exports increased more than imports, the foreign trade balance contributed positively to real GDP growth.
Decrease in investment spending
Investment spending decreased by 0.7% in the second quarter of 2024 compared with the first quarter (+0.2%). Business investment (-1.1%) was behind this decline, more specifically business investment in residential buildings (-1.6%) and non-residential structures (-1.9%). Government investment spending rose by 0.4%.
Change in inventories negatively impacted real GDP growth
The slowdown in inventory accumulation reduced real GDP growth by 0.11 percentage points in the second quarter of 2024. This was its second negative contribution to real GDP in 2024.
Canada’s real GDP at market prices up in the second quarter of 2024
According to data released by Statistics Canada on August 30, Canada’s real GDP at market prices was up by 0.5% in the second quarter of 2024, after a 0.4% increase in the previous quarter.
Québec’s real GDP at basic prices stable in June 2024
In June 2024, Québec’s real gross domestic product (GDP) at basic prices remained essentially unchanged from the previous month, after a 0.1% decrease in May 2024. That was revealed in Produit intérieur brut par industrie au Québec, juin 2024 released today by the Institut de la statistique du Québec.
Goods production declined by 0.7%
Output in the goods-producing industries was down 0.7% in June after rising 0.3% in May. The drop in June came mainly from the manufacturing sector (-1.5%) and, to a lesser extent, the construction (-1.4%) and the agriculture, forestry, fishing and hunting (-5.5%) sectors. Conversely, utilities posted a significant increase of 8.4%, which was mainly due to the electric power generation, transmission and distribution subsector (+9.2%).
The decline in manufacturing was mainly due to the miscellaneous manufacturing (-13.4%), fabricated metal product manufacturing (-2.5%), and primary metal manufacturing (-2.1%) subsectors.
Service production up 0.2%
In June, output in the service industries was up 0.2% following a 0.2% decrease in May. The growth in June was mainly attributable to health care and social assistance (+0.6%), accommodation and food services (+2.1%), and finance and insurance (+0.5%).
Canada’s real GDP at basic prices stable in June 2024
According to data published by Statistics Canada on August 30, 2024, Canada’s real GDP at basic prices remained relatively stable in June after growing 0.1% in May. In June, goods-producing industries were down 0.4%, while service-producing industries grew by 0.1%.
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.