Québec, March 24, 2022. – In the fourth quarter of 2021, Québec’s real gross domestic product (GDP) at market prices was up 1.1% from the previous quarter (+1.1% in the third quarter). This represents an annualized growth of 4.5%. That was revealed today in Comptes économiques du Québec, 4e trimestre 2021 published by the Institut de la statistique du Québec.
The real GDP increase in the fourth quarter of 2021 came mainly from an increase in business inventories. Final domestic demand grew by 0.1%. Final consumption expenditure was up (+0.1%), despite a decline in household expenditures (-0.2%). Business investment decreased (-0.6%), while government investment rose (+3.4%). Exports (+2.6%) increased more than imports (+2.1%).
Québec’s real GDP at market prices up 6.2% in 2021
In 2021, Québec’s real GDP at market prices went up 6.2%. This increase took real GDP above the level observed for 2019, thus erasing the 5.5% decline posted in 2020. Nominal GDP, which includes the impact of price fluctuations, grew 13.1% in 2021.
In real terms, final domestic demand rose by 5.6% in 2021, after declining 3.8% in 2020. Final consumption expenditure had a similar progression, as it grew by 5.6% in 2021 after a decline in 2020 (-4.1%). Household final consumption expenditure was up by 5.9% in 2021, driven by both goods expenditures (+6.5%) and service expenditures (+5.3%). Growth in goods spending was supported by spending on durable and semi-durable goods. For its part, general governments final consumption expenditure increased by 5.1%.
Gross fixed capital formation was up 5.6% in Québec in 2021. Business investment in residential buildings was the main contributor to this growth, with an increase of 12.6%. Investment in machinery and equipment rose by 15.7%, while investment in non-residential structures decreased by 4.1%. General governments gross fixed capital formation was little changed and posted a 0.4% decline.
Total exports of goods and services rose by 5.3% in 2021. Both exports to the other provinces (+8.2%) and international exports (+3.4%) were up. Total imports grew by 7.9%. International imports (+9.6%) and interprovincial imports (+4.8%) increased. Since the total import volume increased more than the export volume, the external sector slowed real GDP growth in 2021.
Canada’s real GDP at market prices up 4.6% in 2021
According to data released by Statistics Canada on March 1, Canada’s real GDP at market prices increased by 1.6% in the fourth quarter of 2021 compared to the previous quarter (+6.7% at an annualized rate). For 2021 overall, Canada’s real GDP rose by 4.6%, after declining 5.2% in 2020
Real gross domestic product at market prices and its main components1 (percentage change) |
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| Québec | Canada | |||||||||||||
| 2021 | 2021 | |||||||||||||
| T3 | T4 | Annuel | T3 | T4 | Annuel | |||||||||
| Real gross domestic product at market prices | 1.1 | 1.1 | 6.2 | 1.3 | 1.6 | 4.6 | ||||||||
| Final domestic demand | 1.4 | 0.1 | 5.6 | 1.7 | 0.7 | 5.5 | ||||||||
| Final consumption expenditure | 2.5 | 0.1 | 5.6 | 3.3 | 0.4 | 5.0 | ||||||||
| Households | 3.7 | -0.2 | 5.9 | 4.7 | 0.2 | 5.2 | ||||||||
| Governments | 0.0 | 0.6 | 5.1 | 0.0 | 0.5 | 4.9 | ||||||||
| Gross fixed capital formation | -2.5 | 0.2 | 5.6 | -3.3 | 1.9 | 7.2 | ||||||||
| Businesses | -3.5 | -0.6 | 7.2 | -4.4 | 2.0 | 7.8 | ||||||||
| Governments | 2.0 | 3.4 | -0.4 | 2.3 | 1.5 | 4.5 | ||||||||
| Exports of goods and services | 2.8 | 2.6 | 5.3 | 1.7 | 3.2 | 1.4 | ||||||||
| Imports of goods and services | 1.6 | 2.1 | 7.9 | -0.4 | 3.4 | 7.4 | ||||||||
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1. Quarterly 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). |
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Québec’s real GDP at basic prices up 0.1% in December 2021
In December 2021, Québec’s real gross domestic product (GDP) at basic prices was up 0.1% from the previous month, following a 1.1% increase in November. In December, the output of service industries increased by 0.2%, while that of goods industries declined by 0.1%. That was revealed in Produit intérieur brut par industrie au Québec, décembre 2021 released today by the Institut de la statistique du Québec.
Québec’s real GDP at basic prices in 2021
Both service-producing industries (+6.0%) and goods-producing industries (+6.9%) increased significantly in 2021 after experiencing sharp declines in 2020.
In 2021, 18 of the 20 major sectors posted increases in output. The strongest increases were observed in construction (+17.5%) and health care and social assistance (+9.6%). Professional, scientific and technical services (+9.3%), wholesale trade (+10.7%), retail trade (+9.5%), and manufacturing (+4.3%) also grew significantly.
While several sectors exceeded their 2019 output levels, others posted large declines. This was the case for arts, entertainment and recreation (-39.0% from 2019), accommodation and food services (-29.2%), and transportation and warehousing (-21.7%), which were significantly below their 2019 activity levels.
Canada’s real GDP at basic prices stable in December 2021
According to data published by Statistics Canada on March 1, 2022, Canada’s real GDP at basic prices remained relatively stable in December 2021 from the previous month. The output of service industries rose by 0.1%, while that of goods industries declined by 0.1%. For 2021 overall, the activity level of service industries increased by 5.1%, while that of goods industries rose by 4.3%.
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.