Québec gross domestic product up in third quarter

Québec, January 21, 2016 – Gross domestic product at market prices rose 0.3% in real terms in the third quarter of 2015, an annualized increase of 1.1%. Compared with the first three quarters of 2014, real GDP grew 1.1% in Québec versus 1.5% in Canada. That was revealed in Comptes économiques du Québec, 3e trimestre 2015, a publication of the Institut de la statistique du Québec.

In the third quarter, growth was essentially due to an improved foreign trade balance. Final domestic demand hardly increased despite a rise in household final consumption expenditure, and accumulation of inventories slowed.

After rising 0.1% in the previous quarter, growth in household final consumption expenditure regained momentum in the third quarter (+0.5%) due to an increase of 0.8% in goods expenditure and of 0.2% in services expenditure. Expenditure on durable goods (+2.3%), semi-durable goods (+0.1%) and non-durable goods (+0.3%) accelerated compared with the second quarter, which saw a decline in household final consumption expenditure on goods.

Both business (-0.3%) and government (-1.8%) gross fixed capital formation were down in the third quarter. Business investment in residential construction rebounded after declining two quarters in a row, posting a 2.5% growth rate due to new housing construction (+8.3%). Renovation activities were down 0.7% and commissions declined by 0.4%. Business investment in non-residential structures decreased by 1.6%. This was the eighth consecutive decline. Investment in machinery and equipment was down 5.3% after increasing 1.0% in the second quarter. Investment in intellectual property decreased by 0.8%.

Total exports of goods and services dropped 0.1% in the third quarter following a 2.7% increase in the second quarter. International exports of goods (-0.4%) were behind the decline in international exports (-0.3%), as exports of services expanded (+0.3%). Exports to other provinces (+0.3%) of both goods (+0.2%) and services (+0.4) lessened the decline. Total imports of goods and services contracted by 0.9%, after rising 1.8% in the second quarter. Since the decline in total imports was greater than the decline in total exports, the foreign trade balance improved by $1.5 billion.


The Institut de la statistique du Québec produces, analyses and disseminates official, objective and quality statistical information on various aspects of Québec society. It is the statistical coordinator for Québec and the relevance of its work makes it a strategic ally for decision makers and all those wishing to learn more about Québec.

Sources:

  • Jean-François Fortin
    Economist
    Phone: 418-691-2411, Ext. 3175

  • Information and Documentation Centre
    Phone: 418-691-2401
    or 1-800-463-4090 (toll free in Canada and the United States)

  • Twitter account: http://twitter.com/statquebec