Real gross domestic product (GDP) at market prices increased by 0.9% in the first quarter in Quebec compared to the previous quarter.
Growth in the first quarter was mainly driven by final consumption spending, which increased by 1.3% in the first quarter of 2024.
Household spending on goods and services increased by 1.1%, while public administration spending rebounded by 1.7%. This rise comes after the episodes of strikes in the public sector which marked the fourth quarter of 2023.
These findings are included, Thursday, in the publication “Québec Economic Accounts, 1er quarter 2024” from the Institute of Statistics of Quebec.
Also, business investment spending increased by 1.2% compared to the previous quarter, after declines for ten consecutive quarters.
Overall, investment spending rose 0.9%, following a decline of 0.7% in the previous quarter.
Growth in real gross domestic product (GDP) at market prices compared to the first quarter of 2023 was 0.1%.
In March 2024, Quebec’s real gross domestic product (GDP) at basic prices decreased by 0.4% compared to the previous month, after having experienced an increase of 0.3% in February 2024.
This is what the publication “Gross domestic product by industry in Quebec, March 2024” indicates, also released Thursday by the Institute of Statistics of Quebec.
Production in goods industries decreased by 1.0% in March, and that of service industries experienced an equivalent decline.