Real gross domestic product (GDP) at market prices fell by 0.5% in Quebec in the third quarter of 2022, when compared to the previous quarter.
At an annualized rate, the decrease was 1.9%, said the Institut de la statistique du Québec in its Economic Accounts of Quebec for the third quarter of 2022, published Thursday.
For the first three quarters of 2022, Québec’s real GDP at market prices posted an increase of 3.1% compared to the same period of the previous year.
The decline in GDP in the third quarter is mainly due to a deterioration in the trade balance and the reduction in investment expenditure in gross fixed capital formation, said the Institute of Statistics.
Total imports of goods and services from Quebec increased by 0.9% in the third quarter, while total exports fell by 0.2%. Overall, the external sector is the main contributor to the decline in real GDP in the third quarter.
Final domestic demand remained relatively stable (0.0%). This is why the 0.4% increase in final consumption expenditure offset the decline recorded in investment expenditure.
Business investment expenditure is the main contributor to this decrease, with a drop of 1.6%.
In September, Quebec’s real GDP at basic prices fell 0.5% from the previous month, following a 0.3% increase in August.