Quebec's GDP up 1.7% in the first quarter

Quebec's GDP up 1.7% in the first quarter

UPDATE DAY

Gross domestic product (GDP) increased by 1.7% in Quebec in the first quarter of 2022, compared to the previous quarter (+1.1%). 

According to data released Tuesday by the Institut de la Statistique du Québec (ISQ), “most components of final domestic demand experienced growth in the first quarter of 2022, in particular that of final consumption expenditure by households”.

Household spending on goods (+2.9%) and government spending (+1.2%) contributed to the increase in GDP in the first quarter of 2022. Household consumption expenditure on services fell by 0.4%.

Decrease in exports and imports

Total exports of goods and services, for their part, fell by 3.3% in the first quarter of 2022, mainly due to the drop in international exports (-5.5%), according to the ISQ.

Imports Total goods and services fell by 2.8%, due to a 5.5% drop in international imports. Interprovincial imports also increased (+2.6%).

Month-over-month, GDP in the province rose 0.6% in March, compared to an increase of 0.7% in February.

According to information published by Statistics Canada, Canadian real GDP at basic prices increased by 0.8% in the first quarter of 2022, following an increase of 1.6% in the fourth.