Québec, August 27, 2024. – In May 2024, Québec’s real gross domestic product (GDP) at basic prices was up 0.1% from the previous month following a 0.5% increase in April 2024. This was revealed in Produit intérieur brut par industrie au Québec, mai 2024 released today by the Institut de la statistique du Québec.
Goods output grew 0.6%
Output in the goods-producing industries was up 0.6% in May after rising 2.1% in April. Three of the five goods-producing sectors contributed to the increase in May: manufacturing (+0.8%), mining, quarrying, and oil and gas extraction (+3.4%), and utilities (+1.7%).
Manufacturing growth was mainly due to the petroleum and coal product manufacturing (+12.6%) and fabricated metal product manufacturing (+3.5%) subsectors.
Service output stable
The output of service-producing industries remained essentially unchanged in May for the third month in a row. The main sectors that posted increases were professional, scientific and technical services (+0.6%) and educational services (+0.7%). However, these increases were offset by declines in wholesale trade
(-1.5%) and retail trade (-0.7%).
Cumulative total for the first five months of 2024: Québec’s real GDP up 0.5%
For the first five months of 2024, Québec’s real GDP was 0.5% higher than in the same months of 2023. The sectors that contributed the most to this increase are real estate and rental and leasing (+2.6%) and public administration (+2.0%).
Canada’s real GDP at basic prices up 0.2% in May 2024
According to data published by Statistics Canada on July 31, 2024, Canada’s real GDP at basic prices was up 0.2% in May after a 0.3% increase in April. Output in the goods and service industries grew by 0.4% and 0.1%, respectively.
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Real gross domestic product by industry1 |
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| 2023 | 2024 | |||||
| Annual changee | Monthly change | Cumulative change2 | ||||
| April | May | |||||
| Québec | 0,2 | 0,5 | 0,1 | 0,5 | ||
| Canada | 1,2 | 0,3 | 0,2 | 0,9 | ||
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1. Gross domestic product levels by industry are valued at basic prices in chained dollars (2017), seasonally adjusted and annualized. Sources
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