Québec, June 26, 2025. – In the first quarter of 2025, Québec’s real gross domestic product (GDP) at market prices was up 0.5% from the previous quarter (+0.3%). At an annualized rate, this was a 2.1% increase.
Growth in the first quarter was mainly due to an increase in business investment (gross fixed capital formation). The foreign trade balance, particularly total exports of goods and services, also contributed to this growth. This was revealed today in Comptes économiques du Québec, 1er trimestre 2025 published by the Institut de la statistique du Québec.
| Québec | Canada | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | |||||||||||
| Q4 | Q1 | Cumulative change2 | Q4 | Q1 | Cumulative change2 | |||||||||
| Real gross domestic product at market prices | 0.3 | 0.5 | 2.0 | 0.5 | 0.5 | 2.3 | ||||||||
| Final domestic demand | 1.9 | 0.0 | 3.5 | 0.8 | 0.0 | 2.8 | ||||||||
| Final consumption expenditure | 1.5 | −0.4 | 3.2 | 1.1 | 0.2 | 3.1 | ||||||||
| Households | 1.9 | −0.6 | 3.1 | 1.0 | 0.3 | 3.0 | ||||||||
| General governments | 0.8 | −0.1 | 3.5 | 1.3 | −0.1 | 3.2 | ||||||||
| Gross fixed capital formation | 3.4 | 1.8 | 4.4 | −0.2 | −0.8 | 1.8 | ||||||||
| Businesses | 4.8 | 2.6 | 7.2 | −0.5 | −0.8 | 1.4 | ||||||||
| General governments | −1.7 | −1.5 | −5.8 | 1.1 | −0.8 | 3.7 | ||||||||
| Exports of goods and services | −1.6 | 2.3 | 2.1 | −0.2 | 1.6 | 2.0 | ||||||||
| Imports of goods and services | −0.6 | 1.6 | 4.0 | −0.3 | 1.1 | 1.5 | ||||||||
Sources
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Investment spending up 1.8%
Investment spending was up 1.8% after rising 3.4% in the previous quarter. Growth in the first quarter came from a 2.6% increase in business investment spending, which was almost exclusively driven by residential investment (+5.6%). Government investment spending was down for the fifth quarter in a row, posting a 1.5% drop.
Foreign trade contributed positively to GDP with 2.3% growth in exports
Total exports of goods and services grew 2.3% in the first quarter of 2025, the largest increase since the second quarter of 2022. Meanwhile, total imports were up 1.6% in the first quarter of 2025. As a result, foreign trade contributed positively to real GDP growth, contrasting with the trend that prevailed in 2024.
Final consumption expenditures down 0.4%
Final consumption expenditures declined by 0.4% in the first quarter of 2025 following six consecutive quarterly increases. Both household (-0.6%) and government (-0.1%) final consumption expenditures were down in the first quarter.
Canada’s real GDP at market prices up in the first quarter of 2025
According to data released by Statistics Canada on May 30, Canada’s real GDP at market prices was up 0.5% in the first quarter of 2025, the same increase as in the previous quarter.
Québec’s real GDP at basic prices stable in March 2025
In March 2025, Québec’s real gross domestic product (GDP) at basic prices remained essentially unchanged from the previous month after a 0.3% decrease in February 2025. This was revealed in Produit intérieur brut par industrie au Québec, mars 2025 released today by the Institut de la statistique du Québec.
Goods production up 0.2%
Output in the goods-producing industries was up 0.2% in March after a 0.8% decrease in February. The increase in March came mainly from the construction sector (+1.2%). In contrast, mining, quarrying, and oil and gas extraction (-2.1%) and utilities (-0.9%) posted declines.
Service output stable
In March, output in the service-producing industries remained relatively stable after a 0.1% decrease in February. The main sector behind the increase in March was retail trade (+2.0%). However, this increase was offset by declines in wholesale trade (-1.0%) and accommodation and food services (-1.9%).
Canada’s real GDP at basic prices up 0.1% in March 2025
According to data published by Statistics Canada on May 30, 2025, Canada’s real GDP at basic prices was up 0.1% in March after a 0.2% decrease in February. In March, output in the goods and service industries grew by 0.2% and 0.1%, respectively.
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.