Québec, March 26, 2025. – In the fourth quarter of 2024, Québec’s real gross domestic product (GDP) at market prices was up 0.4% from the previous quarter (+0.4%). For the year 2024, Québec’s real GDP rose by 1.4%, a faster pace than in 2023 (+0.6%). That was revealed today in Comptes économiques du Québec, 4e trimestre 2024 published by the Institut de la statistique du Québec.
The real GDP increase in the fourth quarter of 2024 was mainly due to growth in household final consumption expenditure (+1.7%) and investment spending (+2.7%). The slowdown in inventory investment (-$4.7 billion) was the main brake on real GDP growth.
| Québec | Canada | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2024 | |||||||||||||
| Q3 | Q4 | Year | Q3 | Q4 | Year | |||||||||
| Real gross domestic prdouct at market prices | 0.4 | 0.4 | 1.4 | 0.5 | 0.6 | 1.5 | ||||||||
| Final domestic demand | 1.2 | 1.6 | 2.3 | 0.8 | 1.4 | 2.0 | ||||||||
| Final consumption expenditure2 | 1.6 | 1.3 | 3.0 | 1.1 | 1.1 | 2.6 | ||||||||
| Households | 1.5 | 1.7 | 3.1 | 1.0 | 1.4 | 2.4 | ||||||||
| Governments | 1.8 | 0.5 | 3.2 | 1.3 | 0.3 | 3.2 | ||||||||
| Gross fixed capital formation | −0.4 | 2.7 | −0.3 | −0.2 | 2.4 | 0.1 | ||||||||
| Businesses | −0.2 | 3.9 | 0.4 | −0.5 | 2.6 | −1.3 | ||||||||
| Governments | −1.2 | −1.7 | −2.8 | 1.1 | 1.6 | 7.2 | ||||||||
| Exports of goods and services | 0.4 | −1.7 | 0.9 | −0.2 | 1.8 | 0.6 | ||||||||
| Imports og goods and services | 1.3 | −1.0 | 2.0 | −0.3 | 1.3 | 0.6 | ||||||||
Sources
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Overview of quarterly economic accounts for 2024
Final consumption expenditures up 3.0%
The main driver of real GDP growth in Québec (+1.4%) in 2024 was final consumption expenditure, which was up 3.0% compared with 2023 (+0.7%). This growth was supported by both household (+3.1%) and government (+3.2%) final consumption expenditure.
Investment spending down 0.3%
Gross fixed capital formation decreased by 0.3% in Québec in 2024, mainly because of a reduction in government investment (-2.8%) and, to a letter extent, in business investment in machinery and equipment (-2.0%) and non-residential structures (-0.7%).
Foreign trade balance deteriorated
During the year 2024, exports of goods and services increased by 0.9%, while imports of goods and services rose by 2.0%. Since imports increased more than exports, foreign trade negatively impacted real GDP growth. Foreign trade was the largest negative contributor to GDP in 2024.
Investment in inventories down $2.3 billion
The pace of inventory investment was reduced by $2.3 billion, going from an increase of $5.7 billion in 2023 to an increase of $3.4 billion in 2024. This slowdown in inventory accumulation therefore negatively impacted real GDP in 2024.
Canada’s real GDP at market prices up 1.5% in 2024
According to data released by Statistics Canada on February 28, 2025, Canada’s real GDP at market prices went up 0.6% in the fourth quarter of 2024 compared to the previous quarter. For 2024 overall, Canada’s real GDP rose by 1.5%, the same increase as in 2023.
Québec’s real GDP at basic prices up 0.4% in December 2024
In December 2024, Québec’s real GDP at basic prices was up 0.4% from the previous month following a 0.5% decrease in November. In December, goods-producing industries edged down 0.1%, while service-producing industries were up 0.5%. That was revealed in Produit intérieur brut par industrie au Québec, décembre 2024 released today by the Institut de la statistique du Québec.
Goods production down 0.1%
The real GDP of goods industries was down 0.1% in December after decreasing 1.0% in November. The decline in December came from mining, quarrying, and oil and gas extraction (-8.2%) and manufacturing (-0.8%). Conversely, the utilities and the agriculture, forestry, fishing and hunting sectors recorded respective increases of 4.2% and 4.8%.
Service industries up 0.5%
The output of service industries was up 0.5% in December, after a 0.4% drop in November. The increase in December was mainly attributable to retail trade (+3.8%) and, to a lesser extent, to wholesale trade (+1.4%) and real estate and rental and leasing (+0.4%).
Canada’s real GDP at basic prices up 0.2% in December 2024
According to data published by Statistics Canada on February 28, 2025, Canada’s real GDP at basic prices rose 0.2% in December 2024. The output of the goods and service industries grew by 0.3% and 0.2%, respectively.
Real GDP at basic prices in 2024
In Québec, goods-producing industries decreased by 0.9%, while service-producing industries grew by 2.1% in 2024.
More specifically, output was up in 13 of the 20 major economic sectors. The largest increases were in real estate and rental and leasing (+3.0%), health care and social assistance (+3.4%), educational services (+4.2%), and finance and insurance (+3.6%). In contrast, manufacturing was down 2.1%.
In Canada, the output of goods and service industries increased by 0.1% and 2.2%, respectively, in 2024.
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.