After going through a period of weakness at the end of 2023, Quebec’s economy has been recovering since the start of the year.
Gross domestic product grew by 0.2% in February, after rebounding by 2% in January, according to the Institut de la tourisme du Québec. “The year 2024 is off to a great start,” commented Desjardins economist Hélène Bégin.
After the first two months of the year, the growth achieved suggests solid growth for the first quarter of 2024. “The growth carryover from the first quarter, that is to say if the real GDP for the month of March proves to be stable, amounting to 3.9%,” specifies the economist.
In January, GDP rebounded due to the end of public sector strikes. In February, growth was concentrated in the services sector, while the goods sector was in decline. Weakness in the goods sector has been a reality in Quebec since the start of 2022, underlines Daren King, economist at the National Bank.
Part of this weakness is explained by “the challenges of electricity production due to the low water level in Hydro-Québec dams,” he specifies.