Quebec's GDP down 0.5% in July

Quebec GDP down 0.5% in July< /p> UPDATE DAY

Gross domestic product (GDP) fell by 0.5% in Quebec in July 2022, following a drop of 0.4% in June, according to data released Tuesday by the Institut de la statistique du Québec (ISQ). 

For a fourth consecutive month, the level of production in the goods industries fell (-0.9% in July). The main sector contributing to this decline was construction (-3.6%). 

Manufacturing (-0.6%) as well as agriculture, forestry, fishing and hunting (-3%) also posted declines in production.

Conversely, the public services sector (+3%) as well as that of mining, quarrying, and oil and gas extraction (+1.7%) recorded increases.

The ISQ also noted a 0.3% drop in the production of services in July. 

This decline is attributable in particular to wholesale trade (-4.1%), while the professional, scientific and technical services (+0.8%) and public administration sectors (+0.6%) posted gains.

For the first seven months of 2022, Quebec's real GDP is 3.8% higher than that of the same months of 2021.  

The main sectors that contributed to this increase were manufacturing (+4.3%), accommodation and food services (+33.3%), transportation and warehousing (+13.2%), professional, scientific and technical services (+5.7%), educational services (+5.9%) as well as retail trade (+4.8%).

According to information published by Statistics Canada, Canadian real GDP at basic prices increased by 0.1 % in July 2022, compared to the previous month.