Québec, June 23, 2021. – In the first quarter of 2021, Québec’s real gross domestic product (GDP) at market prices was up 1.4% from the previous quarter (+1.6%). At an annualized rate, this increase stands at 5.9%. Growth in the first quarter was the result of an increase in final domestic demand and a reduction in the foreign trade deficit. This was revealed today in Comptes économiques du Québec, 1er trimestre 2021 published by the Institut de la statistique du Québec.
Final domestic demand rose by 1.0% in the first quarter of 2021, after stagnating (0.0%) in the fourth quarter of 2020. The decline in household final consumption expenditure (-0.2%) was offset by an increase in gross fixed capital formation (+3.5%). General government final consumption expenditure rose by 1.6%.
In the first quarter of 2021, gross fixed capital formation was up by 3.5%, mainly due to increases in business investment in residential buildings (+4.1%) and machinery and equipment (+5.9%). General government gross fixed capital formation grew by 1.8%.
Québec’s total exports of goods and services were up (+0.9%) in the first quarter of 2021, mainly due to an increase in interprovincial exports of goods (+2.7%). The positive contribution of foreign trade to GDP growth was amplified by the decline in total imports (-0.4%)
According to the data released by Statistics Canada on June 1, Canada’s real GDP at market prices was up 1.4% in the first quarter of 2021, following an increase of 2.2% in the last quarter of 2020.
Real gross domestic product at market prices and its main components1 (percentage change)
|Real gross domestic product at market prices||1.6||1.4||2.3||2.2||1.4||0.3|
|Final domestic demand||0.0||1.0||1.4||1.1||1.6||0.9|
|Final consumption expenditure||0.1||0.3||0.2||0.6||0.8||-0.4|
|Gross fixed capital formation||-0.7||3.5||6.1||2.5||4.0||5.1|
|Exports of goods and services||1.7||0.9||-4.0||1.0||1.5||-3.0|
|Imports of goods and services||2.4||-0.4||-6.3||2.8||1.1||-2.8|
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 grew 1.4% in March 2021, following a 0.9% increase in February. In all, 15 of the 20 major economic sectors posted growth in March. This is the first time since the beginning of the pandemic that Québec’s GDP level has exceeded that of February 2020, reaching 101% of that level. This was revealed in Produit intérieur brut par industrie au Québec, mars 2021 released today by the Institut de la statistique du Québec.
Output in service industries rose by 1.3% in March 2021 following a 1.7% gain in February. The growth in March was primarily due to an increase in the wholesale trade sector (+8.4%).
Goods-producing industries were up 1.6% in March 2021 after declining 1.1% in February. The increase in March came mainly from gains in the construction sector (+5.1%). Agriculture, forestry, fishing and hunting (-2.4%) was the only goods subsector to decline in March.
According to data published by Statistics Canada on June 1, Canada’s real GDP at basic prices rose 1.1% in March 2021. Goods-producing industries and service-producing industries both grew by 1.1%.
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