Québec, June 27, 2024. – In the first quarter of 2024, Québec’s real gross domestic product (GDP) at market prices was up 0.9% from the previous quarter (-0.1%). At an annualized rate, this was a 3.6% increase.
Growth in the first quarter was mainly due to an increase in final consumption expenditure. Business gross fixed capital formation and the foreign trade balance also contributed to this growth, but to a lesser extent. This was revealed today in Comptes économiques du Québec, 1er trimestre 2024 published by the Institut de la statistique du Québec.
Real gross domestic product at market prices and its main components1
(percentage change)
| Québec | Canada | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | ||||||
| Q4 | Q1 | Cumulative change2 | Q4 | Q1 | Cumulative change2 | ||||
| Real gross domestic product at market prices | -0.1 | 0.9 | 0.1 | 0.0 | 0.4 | 0.5 | |||
| Final domestic demand | -0.3 | 1.2 | 0.5 | 0.0 | 0.7 | 1.1 | |||
| Final consumption expenditure | -0.2 | 1.3 | 1.3 | 0.4 | 0.7 | 1.6 | |||
| Households | 0.3 | 1.1 | 1.7 | 0.8 | 0.7 | 1.7 | |||
| General governments | -1.6 | 1.7 | 0.2 | -0.6 | 0.5 | 1.3 | |||
| Gross fixed capital formation | -0.7 | 0.9 | -2.4 | -1.4 | 0.7 | -0.9 | |||
| Businesses | -0.5 | 1.2 | -1.0 | -1.8 | 0.8 | -1.2 | |||
| General governments | -1.7 | -0.5 | -7.1 | 0.8 | 0.5 | 0.6 | |||
| Exports of goods and services | 1.3 | -1.2 | 2.2 | 0.8 | 0.5 | 1.2 | |||
| Imports of goods and services | 0.7 | -1.3 | 2.2 | 0.2 | 0.4 | 1.9 | |||
| 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 quarter of 2024 from the first quarter of 2023. | |||||||||
Sources Statistics Canada, Macroeconomic Accounts Branch. Institut de la statistique du Québec, Direction des statistiques économiques. |
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Growth in final consumption expenditure
Final consumption expenditure increased by 1.3% in the first quarter of 2024, supported mainly by growth in household spending on goods and services (+1.1%) and a rebound in government spending (+1.7%). These increases followed the public sector strikes that marked the fourth quarter of 2023 (-1.6%).
Investment spending up
Investment spending rose by 0.9% after dropping 0.7% in the previous quarter. Growth in the first quarter came mainly from business investment spending, which increased by 1.2% after ten consecutive quarters of decline. Government investment spending was down for the fourth quarter in a row, with a 0.5% drop.
Negative impact of inventory change on real GDP growth
Change in inventories negatively impacted real GDP growth in the first quarter of 2024, as inventory accumulation (+$7.3 billion) slowed compared to the previous quarter (+$9.6 billion). This was the smallest inventory accumulation since the first quarter of 2022.
Canada’s real GDP at market prices up in the first quarter of 2024
According to data released by Statistics Canada on May 31, Canada’s real GDP at market prices was up 0.4% in the first quarter of 2024 after remaining relatively stable in the previous quarter.
Québec’s real GDP at basic prices down 0.4% in March 2024
In March 2024, Québec’s real gross domestic product (GDP) at basic prices was down 0.4% from the previous month, following a 0.3% increase in February 2024. This was revealed in Produit intérieur brut par industrie au Québec, mars 2024 released today by the Institut de la statistique du Québec.
Goods production declined by 1.0%
Output in the goods-producing industries was down 1.0% in March, following a 0.1% decrease in February. The decline in March came mainly from the utilities sector (-5.3%), particularly the electric power generation, transmission and distribution subsector (-5.9%), as well as from the mining, quarrying, and oil and gas extraction sector (-8.4%).
Service production down 0.1%
In March, output in the services-producing industries was down 0.1% after a 0.4% increase in February. The decline in March was mainly attributable to wholesale trade (-2.3%). In contrast, retail trade grew by 0.9%.
Canada’s real GDP at basic prices stable in March 2024
According to data published by Statistics Canada on May 31, 2024, Canada’s real GDP at basic prices remained essentially unchanged in March (0.0%) after growing 0.2% in February. The output of both goods and service industries remained relatively stable.
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.