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    Québec’s real GDP at market prices up 0.5% in the fourth quarter of 2022

    Québec, March 28, 2023. – In the fourth quarter of 2022, Québec’s real gross domestic product (GDP) at market prices was up 0.5% from the previous quarter (-0.3% in the third quarter). In 2022 overall, Québec’s real GDP grew by 2.8%. That was revealed today in Comptes économiques du Québec, 4e trimestre 2022 published by the Institut de la statistique du Québec.

    Real GDP growth in the fourth quarter of 2022 was mainly due to a 1.8% increase in household final consumption expenditure. Investment spending (-3.0%) negatively impacted real GDP growth. Exports were up 0.2%, while imports were down 0.4%. Investment in inventories slowed down and therefore negatively impacted real GDP growth. 

    Québec’s real GDP at market prices up 2.8% in 2022

    In 2022, Québec’s real GDP at market prices was up 2.8%, a slower increase than the one observed in 2021 (+6.0%) that followed the 5.0% decline recorded in 2020. GDP in current dollars, which takes into account price fluctuations, was up 10.0% in 2022.

    Real gross domestic product at market prices and its main components1
    (percentage change)

      Québec   Canada
     
     
      2022   2022
     
     
      Q3   Q4   Year   Q3   Q4   Year

    Real gross domestic product at market prices   -0.3   0.5   2.8   0.6   0.0   3.4
      
    Final domestic demand   -0.2   0.6   1.9   -0.2   0.3   2.7
      Final consumption expenditure   0.5   1.5   3.6   0.3   0.5   4.0
        Households   0.5   1.8   4.7   -0.1   0.5   4.8
        Government   0.5   1.1   1.4   1.2   0.6   2.0
      Gross fixed capital formation   -2.9   -3.0   -4.0   -1.7   -0.7   -1.5
        Businesses   -3.3   -4.4   -5.4   -1.7   -1.4   -2.2
        Government   -1.4   2.7   1.6   -1,6    2.9   2.1
    Exports of goods and services   0.3   0.2   4.2   2.6   0.2   2.6
    Imports of goods and services   0.3   -0.4   6.2   -0.4   -3.2   7.2

    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).

    Sources
    Statistics Canada, Macroeconomic Accounts Branch.
    Institut de la statistique du Québec, Direction des statistiques économiques.

    In real terms, final domestic demand rose by 1.9% in 2022 after a strong increase of 6.2% in 2021. Final consumption expenditure also grew at a slower pace in 2022: it rose by 3.6% after posting a 5.9% increase in 2021. Household final consumption expenditure was up 4.7% in 2022, and this growth was mainly due to spending on services (+8.2%). General government final consumption expenditure rose by 1.4%.

    Gross fixed capital formation was down 4.0% in Québec in 2022. This decline was mainly due to a drop in business investment (-5.4%), more specifically investment in residential buildings (-11.4%). General government gross fixed capital formation was up by 1.6%.

    In 2022, total exports of goods and services increased by 4.2%. Both exports to other provinces (+4.5%) and international exports (+4.1%) of goods and services increased. Total imports were up 6.2%. International (+5.8%) and interprovincial imports (+7.2%) both posted increases. Since the total import volume increased more than the export volume, the external sector mitigated real GDP growth in 2022.

    Canada’s real GDP at market prices up 3.4% in 2022

    According to data released by Statistics Canada on February 28, Canada’s real GDP at market prices remained stable in the fourth quarter of 2022 compared to the previous quarter. For 2022 overall, Canada’s real GDP rose by 3.4%, after growing 5.0% in 2021 (-5.1% in 2020). 

    Québec’s real GDP at basic prices up 0.1% in December 2022

    In December 2022, Québec’s real gross domestic product (GDP) at basic prices, which measures changes in the economy in the different industries, was up 0.1% from the previous month, after rising 0.1% in November. In December, the output of service-producing industries remained relatively stable (0.0%), while that of goods-producing industries rose by 0.3%. That was revealed in Produit intérieur brut par industrie au Québec, décembre 2022 also released today by the Institut de la statistique du Québec.

    In December, 6 of the 20 major sectors contributed to the increase in GDP, especially manufacturing (+2.0%). In contrast, construction (-2.1%) and mining, quarrying, and oil and gas extraction (-3.2%) posted sharp declines. 

    Real GDP at basic prices in 2022

    In 2022, service-producing industries grew by 3.4%, while goods-producing industries increased by 1.4%.

    More precisely, output was up in 17 of the 20 major economic sectors. The largest increases were in manufacturing (+3.0%), professional, scientific and technical services (+5.4%), transportation and warehousing (+10.6%), and accommodation and food services (+22.1%).

    Despite this increase, in 2022, the accommodation and food services sector still had not returned to its 2019 output level (85.5% of its 2019 level). This was also the case for the arts, entertainment and recreation sector (74.5%) and the transportation and warehousing sector (88.0%).

    Canada’s real GDP at basic prices down in December 2022

    According to data published by Statistics Canada on February 28, 2023, Canada’s real GDP at basic prices was down 0.1% in December 2022. The output of service-producing industries remained relatively stable (0.0%), while that of goods-producing industries declined by 0.6%. For 2022 overall, the output level of service industries increased by 3.8%, while that of goods industries rose by 3.2%.

     


    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.

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