Québec, September 27, 2022. – In the second quarter of 2022, Québec’s real gross domestic product (GDP) at market prices was up 0.3% from the previous quarter (+1.4%). At an annualized rate, this was a 1.0% increase. Growth in the second quarter was mainly due to household final consumption expenditure and higher inventories. That was revealed today in Comptes économiques du Québec, 2e trimestre 2022 published by the Institut de la statistique du Québec.
Spending on services was behind the growth in household final consumption, with a 4.6% increase in the second quarter of 2022, following a 0.7% decline in the previous quarter. Investment in inventories increased for the third consecutive quarter.
Final domestic demand driven by household spending on services
Household final consumption expenditure on services (+4.6%) was the main driver behind the 0.5% increase in final domestic demand in the second quarter of 2022. This growth in spending on services was offset by several declines, including in household final consumption expenditure on goods (-0.2%), general governments final consumption expenditure (-1.2%), business gross fixed capital formation
(-1.7%), and government gross fixed capital formation (-0.5%).
Inventories contributed positively to real GDP
Investment in inventories contributed positively to real GDP growth in the second quarter of 2022, with a $9.4 billion increase. This was the third consecutive quarterly increase and the fifth increase since the four declines registered in 2020.
Imports increased more than exports
Total exports of goods and services were up 4.5% in the second quarter of 2022 due to an increase in international exports (+6.3%), and to a lesser extent, in interprovincial exports (+2.1%). Total imports of goods and services were up by 7.4%, largely owing to a 9.6% increase in international imports, but also to an increase in interprovincial imports (+3.3%). Foreign trade negatively impacted real GDP in the second quarter of 2022, as total imports grew more than total exports.
Canada’s real GDP at market prices up 0.8% in the second quarter of 2022
According to data released by Statistics Canada on August 31, Canada’s real GDP at market prices was up 0.8% in the second quarter of 2022, the same rate as in the previous quarter.
Real gross domestic product at market prices and its main components1 (percentage change) |
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| Québec | Canada | |||||||||||||
| 2022 | 2022 | |||||||||||||
| Q1 | Q2 | Cumulative change2 | Q1 | Q2 | Cumulative change2 | |||||||||
| Real gross domestic product at market prices | 1.4 | 0.3 | 3.9 | 0.8 | 0.8 | 3.7 | ||||||||
| Final domestic demand | 1.2 | 0.5 | 3.7 | 0.9 | 0.7 | 3.9 | ||||||||
| Final consumption expenditure | 1.1 | 1.1 | 4.9 | 0.6 | 1.7 | 5.5 | ||||||||
| Households | 1.1 | 2.1 | 6.4 | 0.6 | 2.3 | 7.0 | ||||||||
| General governments | 1.0 | -1.2 | 1.8 | 0.6 | 0.0 | 2.0 | ||||||||
| Gross fixed capital formation | 1.7 | -1.5 | -0.5 | 1.6 | -2.3 | -0.9 | ||||||||
| Businesses | 1.3 | -1.7 | -2.5 | 1.7 | -2.4 | -1.5 | ||||||||
| General governments | 3.3 | -0.5 | 8.1 | 1.1 | -2.0 | 2.4 | ||||||||
| Exports of goods and services | -3.0 | 4.5 | 3.8 | -2.3 | 2.6 | 1.4 | ||||||||
| Imports of goods and services | -1.9 | 7.4 | 6.2 | -0.4 | 6.9 | 7.2 | ||||||||
|
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). |
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Québec’s real GDP at basic prices down 0.2% in June 2022
Québec, September 27, 2022. – In June 2022, Québec’s real gross domestic product (GDP) at basic prices was down 0.2% from the previous month, after a decrease of 0.1% in May. Goods-producing and service-producing industries posted declines of 0.6% and 0.1%, respectively, in June. That was revealed in Produit intérieur brut par industrie au Québec, juin 2022 released today by the Institut de la statistique du Québec.
Goods output declined by 0.6%
Goods-producing industries were down 0.6% in June 2022 after declining 1.2% in May and 1.0% in April. The decline in June came mainly from losses in construction (-2.3%) and in mining, quarrying, and oil and gas extraction (-5.3%). However, the manufacturing sector was up 0.6% in the same month.
Service production down 0.1%
Output in the service industries was down 0.1% in June 2022 after a 0.4% gain in May. The decline in June was mainly due to decreases registered in the wholesale trade (-2.3%) and health care and social assistance (-1.0%) sectors.
Canada’s real GDP at basic prices up 0.1% in June 2022
According to data published by Statistics Canada on August 31, 2022, Canada’s real GDP at basic prices rose 0.1% in June 2022. Goods-producing industries increased by 0.1%, while service-producing industries grew 0.2%.
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.