Québec, June 28, 2022. – In the first quarter of 2022, Québec’s real gross domestic product (GDP) at market prices was up 1.7% from the previous quarter (+1.1%). On an annualized basis, the increase amounted to 6.9%. Growth in the first quarter was driven primarily by final domestic demand. That was revealed today in Comptes économiques du Québec, 1er trimestre 2022 published by the Institut de la statistique du Québec.
Most components of final domestic demand grew in the first quarter of 2022, including household final consumption expenditure. Growth was also fuelled by investment (gross fixed capital formation).
Final consumption expenditure and investment up
Household (+2.9%) and general government (+1.2%) final consumption expenditure on goods contributed to the increase in final domestic demand in the first quarter of 2022. Household final consumption expenditure on services was down 0.4%.
Business (+2.3%) and general government (+2.1%) investment also contributed to the growth in final domestic demand. Almost all investment components increased, including investment in residential buildings (+2.3%) and non‑residential structures (+5.6%). Conversely, there were declines in business (-1.7%) and general government (-0.9%) investment in intellectual property products.
Exports and imports down
Total exports of goods and services were down 3.3% in the first quarter of 2022, mainly due to a decline in international exports (-5.5%). Total imports of goods and services fell 2.8%, owing to a 5.5% decrease in international imports. Interprovincial imports were up 2.6%. Since total exports declined more than total imports, foreign trade negatively impacted real GDP in the first quarter of 2022.
Canada’s real GDP at market prices up 0.8% in the first quarter of 2022
According to data released by Statistics Canada on May 31, Canada’s real GDP at market prices was up 0.8% in the first quarter of 2022, following a 1.6% increase in the fourth quarter of 2021.
Real gross domestic product at market prices and its main components1 (percentage change) |
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| Québec | Canada | |||||||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||||
| Q4 | Q1 | Cumulative change2 |
Q4 | Q1 | Cumulative change2 |
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| Real gross domestic product at market prices | 1.1 | 1.7 | 4.3 | 1.6 | 0.8 | 2.9 | ||||||||
| Final domestic demand | 0.0 | 1.4 | 4.3 | 0.9 | 1.2 | 3.8 | ||||||||
| Final consumption expenditure | 0.1 | 1.2 | 5.1 | 0.5 | 0.7 | 4.8 | ||||||||
| Households | -0.1 | 1.3 | 6.0 | 0.4 | 0.8 | 5.8 | ||||||||
| General governments | 0.6 | 1.2 | 3.1 | 0.6 | 0.4 | 2.2 | ||||||||
| Gross fixed capital formation | -0.3 | 2.3 | 1.3 | 2.3 | 2.6 | 1.0 | ||||||||
| Businesses | -1.0 | 2.3 | 0.1 | 2.4 | 3.0 | 0.8 | ||||||||
| General governments | 2.8 | 2.1 | 6.9 | 1.6 | 1.2 | 2.3 | ||||||||
| Exports of goods and services | 2.8 | -3.3 | 0.6 | 3.2 | -2.4 | -2.3 | ||||||||
| Imports of goods and services | 1.6 | -2.8 | 2.5 | 4.0 | -0.7 | 3.5 | ||||||||
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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 up 0.6% in March 2022
In March 2022, Québec’s real gross domestic product at basic prices was up 0.6% from the previous month, after growing 0.7% in February. Output in both the service and goods-producing industries rose 0.6% in March. That was revealed in Produit intérieur brut par industrie au Québec, mars 2022, released today by the Institut de la statistique du Québec.
Service output up 0.6%
Output in the service industries was up 0.6% in March 2022 following a 1.0% gain in February. The growth in March was driven primarily by gains in accommodation and food services (+7.7%), transportation and warehousing (+3.7%), and arts, entertainment and recreation (+21.5%).
Goods production up 0.6%
Goods‑producing industries were up 0.6% in March 2022, after remaining stable in February. The growth in March was fuelled mainly by gains in the construction (+1.6%) and utilities (+1.9%) sectors. However, the manufacturing sector fell 0.5% in March.
Canada’s real GDP at basic prices up 0.7% in March 2022
According to data published by Statistics Canada on May 31, 2022, Canada’s real GDP at basic prices was up 0.7% in March 2022. Output in the service industries rose 0.6% while goods production increased 0.9%.
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.