Québec, December 19, 2025. – In the third quarter of 2025, Québec’s real gross domestic product (GDP) at market prices was up 0.2% from the previous quarter (-0.7%). At an annualized rate, this was a 1.0% increase.
This increase in real GDP in the third quarter was essentially due to an improved trade balance resulting from a 1.5% decline in imports of goods and services. That was revealed today in Comptes économiques du Québec, 3e trimestre 2025 (in French only) published by the Institut de la statistique du Québec.
| Québec | Canada | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | |||||||||||||
| Q2 | Q3 | Cumulative change2 |
Q2 | Q3 | Cumulative change2 |
|||||||||
| Real gross domestic product at market prices | −0.7 | 0.2 | 1.1 | −0.5 | 0.6 | 2.0 | ||||||||
| Final domestic demand | 0.3 | −0.2 | 2.6 | 0.9 | 0.0 | 2.2 | ||||||||
| Final consumption expenditure3 | 0.5 | −0.3 | 2.1 | 1.1 | −0.2 | 2.4 | ||||||||
| Households | 0.7 | −0.3 | 1.9 | 1.0 | −0.1 | 2.4 | ||||||||
| General governments | 0.3 | −0.2 | 2.2 | 1.2 | −0.4 | 2.6 | ||||||||
| Gross fixed capital formation3 | −0.7 | 0.4 | 4.6 | 0.2 | 0.6 | 1.5 | ||||||||
| Businesses | −1.5 | 0.1 | 5.7 | −0.1 | 0.0 | 1.1 | ||||||||
| General governments | 2.5 | 1.4 | 0.4 | 1.5 | 2.9 | 3.5 | ||||||||
| Exports of goods and services | −4.5 | 0.0 | −1.8 | −7.0 | 0.2 | −2.0 | ||||||||
| Imports of goods and services | 0.2 | −1.5 | 1.8 | −0.1 | −2.2 | −0.2 | ||||||||
Sources
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Imports down 1.5%
In the third quarter of 2025, the total import volume was down 1.5% from the second quarter, mainly due to a 2.7% decline in the volume of international imports of goods. The export volume was almost unchanged. The resulting improvement in trade balance was strong enough to support real GDP growth.
Change in inventories had a negative impact
The third quarter of 2025 was also marked by slower inventory accumulation, which contributed negatively to real GDP and mitigated the positive effect of foreign trade.
Investment spending increased by 0.4%
Investment spending was up 0.4% in the third quarter. This increase was mainly driven by government investment (+1.4%), as business investment rose only slightly (+0.1%).
Final consumption expenditure down 0.3%
Final consumption expenditures on goods and services decreased by 0.3% in the third quarter of 2025, mainly because of a decline in household spending (-0.3%).
Canada’s real GDP at market prices up 0.6% in third quarter of 2025
According to data released by Statistics Canada on November 28, Canada’s real GDP at market prices was up 0.6% in the third quarter of 2025, after a 0.5% decrease in the previous quarter.
Québec’s real GDP at basic prices up 0.3% in September 2025
In September 2025, Québec’s real GDP at basic prices was up 0.3% from the previous month after remaining relatively stable in the previous month. This was revealed in Produit intérieur brut par industrie au Québec, septembre 2025 (in French only) released today by the Institut de la statistique du Québec.
Production of goods up 0.4%
Output in the goods-producing industries was up 0.4% in September after decreasing 0.7% in August. This increase came mainly from utilities (+2.1%) and manufacturing (+0.4%).
Service production up 0.2%
Service industries were up 0.2% in September following a 0.2% increase in August. The growth in September was mainly due to wholesale trade (+1.1%) and transportation and warehousing (+1.4%).
Canada’s real GDP at basic prices up 0.2% in September 2025
According to data published by Statistics Canada on November 28, 2025, Canada’s real GDP at basic prices was up 0.2% in September after declining 0.1% in August. In September, goods-producing industries were up 0.6%, while service-producing industries grew by 0.1%.
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.