Québec’s real GDP at market prices up 0.9% in the third quarter of 2021
Québec, December 22, 2021. – In the third quarter of 2021, Québec’s real gross domestic product at market prices was up 0.9% from the previous quarter (+0.6% in the second quarter). At an annualized rate, this was a 3.5% increase. GDP growth in the third quarter was due in part to an increase in household final consumption expenditure and in total exports of goods and services.
After three quarters in 2021, Québec’s real GDP at market prices was 7.3% higher than in the same period last year. That was revealed today in Comptes économiques du Québec, 3e trimestre 2021 published by the Institut de la statistique du Québec.
Household final consumption up
Final domestic demand grew by 0.8% in the third quarter of 2021, after rising by 1.1% in the second quarter. This growth was due to a 3.3% increase in household final consumption expenditure, which was mainly attributable to purchases of services (+6.4%). General governments final consumption expenditure decreased by 0.1%.
In the third quarter of 2021, gross fixed capital formation posted a 4.5% drop, due in part to a decline in business investment (-6.2%). General governments gross fixed capital formation was up by 2.4%.
Exports increased more than imports
Québec’s total exports of goods and services were up 2.2% in the third quarter of 2021, mainly due to an increase in interprovincial exports of services (+5.6%) and in international exports of goods (+2.1%). For their part, Québec’s total imports of goods and services rose by 1.3% in the third quarter due to an increase in both international (+6.7%) and interprovincial (+7.0%) imports of services. Overall, the external sector positively contributed to real GDP growth in the third quarter.
Canada’s real GDP at market prices up 1.3% in the third quarter of 2021
According to data released by Statistics Canada on November 30, Canada’s real GDP at market prices increased by 1.3% in the third quarter of 2021 compared to the previous quarter, after declining 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||0.6||0.9||7.3||-0.8||1.3||5.1|
|Final domestic demand||1.1||0.8||6.2||0.0||1.3||5.9|
|Final consumption expenditure||1.1||2.2||5.7||0.1||2.9||5.3|
|Gross fixed capital formation||1.1||-4.5||7.2||-0.5||-3.6||8.1|
|Exports of goods and services||0,0||2.2||6.1||-4.5||1.9||1.8|
|Imports of goods and services||1.4||1.3||7.7||0.5||-0.6||8.0|
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 0.3% in September 2021
Québec’s real GDP at basic prices was down 0.3% in September 2021 from the previous month, after a 1.1% increase in August. In all, 9 of the 20 major economic sectors posted a decline in September. This was revealed in Produit intérieur brut par industrie au Québec, septembre 2021, released today by the Institut de la statistique du Québec.
Service output up 0.2%
Output in service industries rose by 0.2% in September 2021 following a 0.8% gain in August. The growth in September was mainly attributable to increases in retail trade (+1.5%), public administration (+1.2%), and professional, scientific and technical services (+1.0%).
Goods production down 1.5%
Goods-producing industries registered a 1.5% drop in September, after growing 2.1% in August. The decline in September was mainly due to mining, quarrying, and oil and gas extraction (-8.1%) and utilities (-4.9%).
Canada’s real GDP at basic prices up 0.1% in September 2021
According to data published by Statistics Canada on November 30, Canada’s real GDP at basic prices increased by 0.1% in September 2021 from the previous month. Service-producing industries rose by 0.4%, while goods-producing industries decreased by 0.6%.
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 all those wishing to learn more about Québec.
Information and Documentation Centre
or 1-800-463-4090 (toll-free in Canada and the United States)