Québec’s real GDP at market prices down 0.5% in the third quarter of 2022
Québec, December 22, 2022. – In the third quarter of 2022, Québec’s real gross domestic product at market prices was down 0.5% from the previous quarter (+0.3% in the second quarter). At an annualized rate, this was a 1.9% decline. This decline in GDP in the third quarter was mainly the result of a deterioration in the trade balance and, to a lesser extent, a decrease in investment spending on gross fixed capital formation.
For the first three quarters of 2022, Québec’s real GDP at market prices was 3.1% higher than in the same period last year. That was revealed today in Comptes économiques du Québec, 3e trimestre 2022 published by the Institut de la statistique du Québec.
Imports up and exports down
Québec’s total imports of goods and services rose by 0.9% in the third quarter, due to an increase in both international imports of goods and services (+0.8%) and interprovincial imports of goods and services (+1.2%). For their part, Québec’s total exports of goods and services were down 0.2% in the third quarter of 2022, mainly because of a drop in interprovincial exports of goods (-2.6%). Overall, the external sector was the main contributor to the decline in real GDP in the third quarter.
Gross fixed capital formation down
Final domestic demand remained relatively stable in the third quarter of 2022 (0.0%). The 0.4% increase in final consumption expenditure compensated for the decrease in investment spending.
More specifically, in the third quarter of 2022, gross fixed capital formation was down 1.5%. Business investment spending was the main contributor to this decline with a 1.6% decrease, which was largely due to a drop in investment in residential buildings (-3.9%). General governments investment expenditure was also down (-0.6%)
Canada’s real GDP at market prices up 0.7% in the third quarter of 2022
According to data released by Statistics Canada on November 29, 2022, Canada’s real GDP at market prices was up 0.7% in the third quarter of 2022 compared to the previous quarter, after increasing 0.8% in the second quarter.
Real gross domestic product at market prices and its main components1 (percentage change)
|Real gross domestic product at market prices||0.3||-0.5||3.1||0.8||0.7||3.9|
|Final domestic demand||0.8||0.0||2.7||0.6||-0.2||3.2|
|Final consumption expenditure||1.4||0.4||3.8||1.5||0.2||4.3|
|Gross fixed capital information||-1.5||-1.5||-1.2||-2.2||-1.3||-0.3|
|Exports of goods and services||4.4||-0.2||2.7||2.0||2.1||2.6|
|Imports of goods and services||7.5||0.9||6.1||6.7||-0.4||8.8|
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 2012).
Québec’s real GDP at basic prices down 0.5% in September 2022
In September 2022, Québec’s real gross domestic product (GDP) at basic prices was down 0.5% from the previous month, after a 0.3% increase in August. In September, goods-producing industries declined by 1.8%, while the output of service-producing industries was little changed. This was revealed in Produit intérieur brut par industrie au Québec, septembre 2022, released today by the Institut de la statistique du Québec.
Goods output declined by 1.8%
The real GDP of goods-producing industries was down 1.8% in September 2022 following a 0.5% increase in August. In September, all goods sectors posted a decline in output, with construction (-2.9%) being the largest contributor to this decrease.
Service output little changed
The output of service industries remained relatively stable in September (0.0%) after a 0.2% gain in August. The professional, scientific and technical services sector (+0.9%) was up, while health care and social assistance (-0.8%), retail trade (-0.9%) and educational services (-0.8%) posted declines.
Canada’s real GDP at basic prices up 0.1% in September 2022
According to data published by Statistics Canada on November 29, 2022, Canada’s real GDP at basic prices was up 0.1% in September 2022. The output of goods-producing industries rose by 0.3%, while the output of service-producing industries remained stable (0.0%).
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