Québec, October 27, 2020. – Québec’s real gross domestic product (GDP) at basic prices was up 3.4% in July 2020, after rising 7.3% in June and 11.6% in May. Out of the 20 major sectors, 19 posted increases in July. This was revealed in Produit intérieur brut par industrie au Québec, juillet 2020 released today by the Institut de la statistique du Québec.
With this third consecutive monthly increase, the GDP level in July was more than 95% of that in February, a level comparable to that of 2018.
Service-producing industries grew 3.9% in July, following a 6.7% increase in June. All service subsectors contributed to the growth in July, particularly accommodation and food services (+34.3%), educational services (+8.6%), and professional, scientific and technical services (+4.4%).
Goods-producing industries registered a 2.1% increase in July, after rising 9.1% in June. The increase in July was mostly on account of manufacturing (+1.8%). Construction (+2.2%), agriculture, forestry, fishing and hunting (+5.6%), and utilities (+3.1%) also contributed to the growth in output.
Manufacturing growth in July was mainly due to the gains registered by the transportation equipment manufacturing subsector (+8.1%). Petroleum and coal product manufacturing (+21.8%) and furniture and related product manufacturing (+15.8%) also posted notable increases. On the other hand, machinery manufacturing registered a sharp decline (-18.8%).
Despite this third consecutive monthly increase, Québec’s real GDP for the first seven months of 2020 remained 7.0% below that for the same period in 2019. Several sectors experienced significant cumulative losses during this period, including manufacturing (-10.6%), construction (-16.7%), transportation and warehousing (-19.9%), accommodation and food services (-31.5%), and educational services (-9.3%).
Changes in real GDP by industry in Québec and Cumulative real GDP growth1 in Québec
1. GDP growth for the period from January to the reference month compared to the same period in the previous year. Cumulative growth for December represents GDP growth for the year.
Source: Institut de la statistique du Québec, Direction des statistiques économiques.
According to data published by Statistics Canada on September 30, Canada’s real GDP at basic prices was up 3.0% in July 2020. For the first seven months of 2020, Canada’s real GDP was 6.3% below its level for the same period last year.
|Real gross domestic product by industry1|
|Annual change||Monthly change||Cumulative change2|
1. Gross domestic product levels by industry are valued at basic prices in chained dollars (2012), seasonally adjusted and annualized.
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