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    Québec’s real GDP at basic prices down 0.5% in October 2020

    Québec, January 26, 2021. – In October 2020, Québec’s real gross domestic product (GDP) at basic prices declined 0.5% (+1.2% in September). This decrease, after five consecutive monthly increases, coincides with the tightening of health measures in October due to the evolution of the COVID-19 pandemic in Québec. This was revealed in the publication Produit intérieur brut par industrie au Québec, octobre 2020 released today by the Institut de la statistique du Québec.

    As a result, the GDP level in October was about 97% of the level in February.

    Goods production down 1.3%

    Goods-producing industries were down 1.3% in October, following a 1.6% increase in September. The decline in goods production in October came from manufacturing (-1.5%), construction (-1.8%), and mining, quarrying, and oil and gas extraction (-4.7%). As for the utilities sector, it posted a 1.7% increase in October.

    The main manufacturing subsectors that contributed to the decline in October were metallic product manufacturing (-6.9%), transportation equipment manufacturing
    (-3.1%), non-metallic mineral product manufacturing (-10.2%), and computer and electronic product manufacturing (-12.2%).

    Service production down 0.1%

    Service-producing industries were down 0.1% in October, following a 1.1% increase in September. Eight of the fifteen major service sectors posted a decline in October. Accommodation and food services (-16.0%) registered by far the largest decline as a result of the restrictions imposed on this sector since October 1.

    Cumulative total for the first ten months of 2020: Québec’s real GDP down 5.8%

    For the first ten months of 2020, Québec’s real GDP was 5.8% lower than in the same period in 2019. Several sectors experienced significant cumulative losses during this period, including manufacturing (-10.0%), transportation and warehousing (-19.8%), construction (-13.1%), accommodation and food services
    (-30.1%), and educational services (-8.7%).

    Changes in real GDP by industry in Québec

    Changes in real GDP by industry in Québec

    Source: Institut de la statistique du Québec, Direction des statistiques économiques.

    Cumulative real GDP growth1 in Québec

    Cumulative real GDP growth in Québec

    1. GDP growth for the period from January to the reference month compared to the same period in the previous year. The blue bar in December represents the cumulative growth for the year that is ending.

    Source: Institut de la statistique du Québec, Direction des statistiques économiques.

    Canada’s real GDP at basic prices up 0.4% in October 2020

    According to data published by Statistics Canada on December 23, Canada’s real GDP at basic prices grew 0.4% in October 2020. Goods-producing industries and service-producing industries were up by 0.1% and 0.5%, respectively. For the first ten months of 2020, Canada’s real GDP was 5.5% lower than in the same period in 2019.

    Real gross domestic product by industry1

    (percentage change)

      2019   2020
     
     
      Annual change   Monthly change Cumulative change2
         
     
          September October  

    Québec 2.7   1.2 -0.5 -5.8
    Canada 1.7   0.8 0.4 -5.5

    1. Gross domestic product levels by industry are valued at basic prices in chained dollars (2012), seasonally adjusted and annualized.
    2. First ten months of 2020 compared with the same months in 2019.
    Sources: Institut de la statistique du Québec and Statistics Canada.

     



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