Quebec's GDP up 1.7% in the first quarter

Gross domestic product (GDP) increased by 1.

Quebec's GDP up 1.7% in the first quarter

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), “the majority of the components of final domestic demand experienced growth in the first quarter of 2022, in particular that of household final consumption expenditure”.

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

Decline in exports and imports

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

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

On a month-to-month basis, GDP in the province rose 0.6% in March, compared with a 0.7% increase 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 a 1.6% increase in the fourth.

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